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So, upon doing some research, I've gathered some evidence that suggests Wizard101 has a multiverse

https://imgur.com/a/11ok37S
should be noted that time works differently in the spiral, so it wouldn't be smart to bring natural physics into this

https://www.youtube.com/watch?v=mZW0g5cMa-s&feature=youtu.be&t=41
Basically we go to past timelines in the B.O.X quests as the professor refers to Ravenwood as having it's own timeline

There are currently 16 known worlds in the spiral. If each world indeed has it's own timeline/parallel world, it would suggest wizard101 has a multiverse, meaning characters like Grandfather Spider can destroy entire multiverses. Keep noted that these parallel worlds are still the spiral itself, just in another timeline. And also keep noted that Bartleby said there are COUNTLESS worlds among the spiral (The thread that holds the universe together)

Does this seem accurate to you?

If a developer could answer, is all this plausible? Does Wizard101 in fact have a multiverse with tons of parallel worlds/timelines!? Because we get told Spider and Raven could destroy existence, but we are never told how big existence actually is

Indeed. It's also very interesting. I would estimate the dream dimension is either the size of Wizard city if not the entire spiral. Hopefully we get an in-verse explanation of how big existence is soon.