Okay, so. There are a few things that make interpreting what we’re looking at here difficult. First issue being that Egyptian history was of course very long and wigs/hair were, like clothing, subject to fashions. Second, related issue is that despite this, the gods were always shown in the same, classic Old Kingdom style because the gods transcended such things as fashion. Third, the depiction of a god is not the physical reality of that god but rather a way to represent the aspects of the deity that were at that moment most pertinent to the reason for the depiction. Fourth and final issue, while we do have a number of extant wigs, we have little to no jewellery associated with them.

What the gods are wearing in the depiction you’re asking after is a tripartite wig. It’s basically a wig in three parts: two side tresses, and a back part (which is sometimes worn loose and sometimes worn in a ponytail). The style is a woman’s style, but it’s also a convenient wig to don a god with since it eases the otherwise awkward transition between animal head and human body. But since it’s in real life worn by women, yes, that’s hair. And like you’ve said, tripartite wigs would end in smaller braided ends. For everyone unfamiliar with the concept, this is what we’re talking about:

This is 3rd Dynasty princess Redji, shown here with a tripartite wig, the bottom ends of which are stylised. Since Egyptian art relies heavily on ideal depictions of a thing, it’s inherent to the style show it as a single block rather than as all kinds of loose ends (also a lot easier on the sculptor).

For gods, though, it’s not always super clear they’re wearing a wig out of hair, because in paintings we often see striped affairs such as this one:

This painting from the Tomb of Nefertari depicts Imentet and Ra. The wig on Ra looks much closer to the nemes-headcloth here because of the stripes. But as said, since divine depiction wasn’t in that sense purely realistic, the stripes are not exactly a point against it being a wig. The gods are at times described as having a skin of gold, bones of silver, and hair/brows of lapis lazuli, so for them to have hair that isn’t hair isn’t weird, if you get what I mean. The stripes could indicate the divide between gods and goddesses, since goddesses never wear a stripey wig.

Minor excursion: In the painting from Nefertari’s tomb you can also see the difference in wig depiction between fully humaniform god(dess) and anthropomorphic god(dess). Imentet shows only the one strand across her front shoulder, where Ra shows both strands. The undoubtedly weird connection between bird head and human shoulder is softened that way.

As for the bottom part being some sort of hair accessory - we know that in the Middle Kingdom (and this likely fell out of favour again by the time of the New Kingdom), at least one princess, Sithathoryunet, wore a wig with an elaborate arrangement of golden rings:

The wig itself decomposed, but based on a wooden head that was excavated at Lisht, this reconstruction was made to suggest what the arrangement might have looked like.

Other “wig rings” that are classified as such look like this:

And f you’re thinking, “how the hell would that stay in hair”, congratulations on your critical thinking skills, because based on their shape, material, and the fact that these are usually found in pairs, they’re earrings, not wig rings.

This is slightly besides the point, but in general what I’m trying to say here is because we have so precious little evidence for actual hair jewellery items, we need to go back to the art depictions. As I said, it’s not strange for the Egyptian style to want to stylise the braid ends. But then, why the gold colour on the divine representations? Probably just bcause they’re gods. I don’t actually have all the right books with me now to completely cross-reference this so please don’t take this as immutable fact, but I do think we’re just looking at a stylised, and in that sense deified/gilded, type of braid ends. And since the Egyptians idealised everything in after death statuary, it’s not out of the ordinary for this type of braid end to show up on the coffins of mortals.

And my personal opinion with regards to your doodles, I think the second style, with the separate hair accessories, comes closer to the reality of what we’re looking at if you wanted to translate it into an accessory rather than show it as braid ends. Which, I want to be clear about, I think is perfectly fine. We love a bit of well-researched creative liberty.

Hope this helps!