Of Princes, Kalpas and Change

Are Daedra affected by the Kalpic cycle? Does it change them into new entities?

In Sermon 28 of the 36 Lessons of Vivec, the chapter focuses on Vivec's battles with one of the eight of nine monsters that had not been slain by Muatra. This is the fifth monster, the Ruddy Man. When the Dreughs ruled the oceans of Lyg in a previous Kalpa, Molag Bal took a crustacean form similar to the Dreughs and reigned over them as a god and/or chief. The Ruddy Man was described by Vivec as a 'dead carapace of memory,' the empty image of Molag Bal as Dreugh-King from that older Kalpa, now a monstrous shell that transformed anyone who wore it into an incredibly powerful killer.

What strikes me as unusual here is the phrasing of the carapace as "dead," since the entities of Oblivion tend to be eternal forces that simply reincorporate their animus or return home instead of dying. Mortality is beyond their comprehension, after all. While that may apply to the lesser Daedra aligned to the planes, perhaps it might not be entirely so for the Princes themselves.

Fight One of the Seven Fights of The Aldudagga describes an encounter between the Leaper Demon King (one of the Magna Ge?), the Greedy Man (Lorkhan/The Heart in Red Mountain?) and Alduin wherein the latter transforms the LDK into Mehrunes Dagon, binds him to Oblivion with a curse and then devours him.

Given the nature of Alduin Time-Eater as the manifest metaphor who devours the world once the Towers have fallen to return it back to the Dawn and eventually the Convention, I presume this account implies that even the timeless Magna Ge and the Daedric Princes are not exempt from being changed by the Time God's cycles.

You also have the schism between Jyggalag and Sheogorath and Trinimac's change into Malacath, but those were brought on by the other Daedric Princes rather than having any relation to temporal forces.

One theory I have read proclaims that Mundus is a 'wheel within a wheel,' with the greater wheel being the Aurbis. Just as the Nirn rotates with the Kalpas, so do Planes of Oblivion and other parts of the Aurbis turn and change/evolve into different things with the passage of the ages. When a wheel turns, it is not just the hub that spins, but the whole thing - hub, spokes, rim and all. The Buddhist and Hindu Kalpic concepts invoke a structure of cycles within cycles, wheels within wheels. Does this theory hold any credit?