In a section discussing the significance and denotation of repentance (metanoia) in the Gospel accounts and ancient Jewish literature, N.T. Wright notes that the account found in Luke 16:19-31, "Is not, as often supposed, a description of the afterlife, warning people to be sure of their ultimate destination."
Wright goes on to show why the account of Lazarus and the rich man must be a parable. Richard Bauckham agrees, writing that the story "has only the status of parable" and it draws attention "away from the apocalyptic revelation of the afterlife back to the inexcusable injustice of the coexistence of rich and poor." For the sake of fairness, Wright cites those who take issue with Bauckham's perspective.
While I think the illustration's stark symbols are polyvalent, I believe that both Wright and Bauckham are spot on when they argue that Luke is not describing the afterlife or a fiery hell filled with torments for wicked persons. That is not his/Jesus' focal point in the telling of this parable.
See N.T. Wright, Jesus and the Victory of God, pages 255-256.
Compare https://www.thegospelcoalition.org/article/is-rich-man-and-lazarus-a-parable/