I never had such strong hallucinations. As to whether these things are "real" or not, who knows? Does it matter?
But whenever I had similar phenomena, I (eventually) disregarded them as a side effect of practice. Such powerful mental stuff also indicates that you have very powerful concentration. You should be able to apply such a concentration to seeing things clearly (by doing vipassana, for instance), hence decreasing the number and intensity of such fabrications.
Buying into the content ("I am psychic") is not seeing clearly, and if you buy into such content repeatedly this might spiral out of control (see
this thread for an example of someone to whom this happened). The way to see clearly is to notice the sensations that make up the content, and not buying into their implied meaning.