The higher self, is it us? Do we want to become it or ally with it? Is it already us? What can it do? What will it be it's involvement at our death? How is it involved with magic and astral projection? Is it even real? Are we real? Is it even worth asking?
It is the Self in the sense that it is made of the same energy as the Self which is consciousness. So, in that sense, it is of the same nature as our truest core and therefore not distinct from us. In a real way, it is us and if we unadorned ourselves of all that is inessential, we would be the same being, the same pure consciousness.
We're able to work at the level of consciousness in the same way that we're able to work at a physical level. Just as I might assemble materials and paint a portrait of myself in accordance with qualities that I want to embody, so too can we reshape the raw material of consciousness into a form that acts as a horizon for our personality to move towards. However, because it is consciousness that is ensoulling this horizon, it acts like any other conscious being, that is, it has agency. Every pattern that could ever exist, every potentiality, already exists in consciousness so we're not creating anything new here, only connecting with threads that have always existed.
So there's a bit of a game or "divine play" going on: we reach out to consciousness and reshape it into an image that meets our human psychological needs. Consciousness causes this image to come to life. We then move towards that image which, in turn, moves us closer to pure consciousness and develops our human personality too. You master both the spiritual and material worlds in one fell swoop.
In practical terms, it doesn't really matter how we conceive it, only that we strive to embody it and merge our personality with it.