I feel like there's a lot more to untangle in Cakoban's story!
First, re: whether it's worth digging into the details and interpreting them carefully, I suspect it is. Some of the details may have gotten fuzzier over time, but the Loremothers' oral tradition sound quite rigorous. Brandon goes out of his way to write about this detail, and a big theme of Emberdark is not overlooking the traditional wisdom of pre-industrial societies. As Dusk says in Chapter 57:
I would actually guess that inaccuracies are mostly due to (1) misunderstandings of what was going on from the eyewitnesses in Cakoban's time, or (2) maybe intentional obfuscation, like how Cakoban said to Jope:
With this in mind, here the full story from chapter 3 of Emberdark as told by Loremother Frond. After each quote, I'll highlight a few things that stood out to me that haven't been discussed yet in this thread.
The conflict between giants created waves in the cognitive realm
Those waves physically transported Cakoban (so they're much stronger than the current pulses from the Knell)
Both giants crashed to the ocean, dead
The death created the biggest wave of all, carrying Cakoban's ship for 3 days
This part suggests to me that the giants are shard-level powers. The present-day Knell is probably a lot weaker than it once was, and Cakoban was closer to the source, but the death carrying him for 3 days suggests that proximity can't be the only explanation. My guess is that the giants were major parts (but not all) of Odium and Ambition. When they died, Odium was severely weakened, and Ambition perhaps more so (to the point where Mercy finished him off).
The shooting star was described as "brilliant" (which suggests that it's a light source in the otherwise pitch black Emberdark)
The Dakwara is not described as the child of one of the giants, but instead as the "child of a distant god"
Light can "blind" the Dakwara, and is a thing that the Dakwara "knew not"
A few things here:
We see presumably Invested light in both the shooting star and the "torch" that Cakoban uses against the Dakwara (which might be from the same source as the jar of light that he holds -- see the last quote in this post). Given that the Type 1-6 entity that chases Starling's ship eats an entire cargo hold worth of unkeyed Light, I'm guessing that Cakoban did not have enough in his jar to physically blind the Dakwara. But he could maybe metaphorically "blind" it by getting it to chase him in circles until it somehow gets stuck. A jar of light could be just the right tool for that.
This one is going out on a bit of a limb, but one of the places where we've see Invested light is Taldain, where Autonomy has Invested the blue supergiant star and rains down this light on the entire planet. Given that Patji is an avatar of Autonomy, I wonder if the Eelakin were originally from Taldain, and the shooting star was some manifestation of Autonomy guiding their people to a new planet where they can seek freedom for themselves...
The Dakwara is strongly implied to be a splinter of Ambition, so it being described as the child of a distant god instead of one of the giants seems to go against my theory from earlier about the giants being big parts of Ambition and Odium. Not quite sure what to make of this — it could be that I'm making something out of nothing, or maybe there's something more complicated going on here.
The Dakwara was forced to acknowledge it was defeated (which suggests that it was already bound by some kind of rules / honor)
The Dakwara was involved in creating the islands
Rules seem to be an important check on several Cosmere antagonists, including Odium's promises and the Simple Rules from Shadows for Silence. I wonder if there's a more general Cosmere principle at work here. Also, given the Dakwara's involvement, I wonder if the murderous creatures on Patji are the result of parts of the Evil interfacing with Autonomy?
Patji "rose from the ocean" with blazing red light, and only later "ordered islands created"
An ember of this light became the sun
This makes me wonder whether the shooting star was actually just Patji (the avatar of Autonomy, not the island), and whether "rising from the ocean" meant creating the entire solar system + perpendicularity out of the the unsea. The way Brandon wrote this, it makes it sound like it was a volcanic eruption that created the main island that is now called Patji. But an ember of a volcanic eruption becoming the sun? And the islands were created by the Dakwara under Patji's instruction, not by this eruption.
Anyways, this post is already far too long and parts of it really go out on a limb. But I think quite a bit of it is reasonable, and if true, there are some pretty big lore implications here! Would love to hear your thoughts.