It has long been debated whether the MCU is designated as Earth-616 or Earth-199999. Marvel Studios has finally settled the debate, though likely not in a way that satisfies most fans.
The debate about which Earth the MCU is designated on has been waging for a decade and a half, with projects like 2008’s Official Marvel Handbook and Across The Spider-Verse falling into the camp of Earth-199999 and projects like Thor: The Dark World and Spider-Man: Far From Home referring to it as Earth-616. Marvel Studios has finally settled this debate in The Marvel Cinematic Universe: An Official Timeline, which officially designates the MCU and The Sacred Timeline as Earth-616.
This answer certainly raises questions, such as why Miguel O’Hara would reference events in the MCU as Earth-199999 and how Mysterio could know the MCU was Earth-616 in Far From Home if he was lying. However, more interestingly, this seems to confirm that the MCU and other Marvel Studios projects take place in an entirely separate multiverse from the mainline comics, suggesting perhaps Earth-199999 is just their parallel to The Sacred Timeline.
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