This is going to seem completely out of left field, but I've spent several decades into research in the occult, specifically around the Saturn mythos/cults. This is also going to seem like a huge stretch and not believable, the thing of fevered dreams or a schizophrenic's imaginings.

Take the following with this understanding; it is an outsider's dimly perceived version of the inner mythology of the occulted religion of Saturn worship and the tales and mythology within that system.

Saturn/Satan is also known as Chronos, the "god" of time.

In my research in this subject the topic of the Saturn machine comes up; it is thought to be an object which controls the flow of time (perhaps just in our solar system, or in the entire galaxy or universe; details are not known). This machine is currently controlled by a race of creatures that we would most likely refer to as "Insectillions" if we saw them. They are a type of multidimensional entity and according to the observers consciousness will either not see them at all, see them as an anthropomorphic rabbit (that others can't see; see the film "Harvey"; a film about an invisible rabbit) or an insectillion/insect-humanoid.

The term "rabbit ears" (colloquial term for the antenna that sat on top of old TV sets) comes from these entities; tying their insect antenna to their other visible form as that of a rabbit.

The rabbit with a pocket-watch in Alice in Wonderland represents these creatures. The watch represents their association with the Saturn Machine; a machine which purportedly controls the flow of time.

Philip K. Dick, the author spoke, about the affects of the Saturn machine (without knowing directly about the Saturn machine and the insectillians); that the timeline had been reverted at least once. His belief was that he (and others) had memories of previous concurrent timelines here on Earth with completely different historical outcomes than we have...in part his novel "The Man In The High Castle" and the Amazon series of the same name was inspired by this "remembering."

The "knowledge" of these entities is what lies at the bottom of the "rabbit hole." They appear in multiple ancient traditions as related to fertility, the moon (part of the Saturn-Moon-Earth soul-trap/matrix/soul recycler), as a mischevious trickster spirit (akin to Loki; Loki used to be written as Lodur, one of Odin's brother. He gave his name to Laurdag (Saturday) which reveals his Roman equivalent is Saturn.) etc.