As usual, you are exactly right. But, my gut feeling is that the term YHWH refers to the sitting Pharoah as living god on earth (see the Amarna letters which, I believe confirm this usage.) Since the gnostics were egyptians, they were in a position to know the difference. We poor pagans, of course, were never filled in (I wonder why?)
PS, I know there are complications to all this! Happy Holidays!
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