Or, S could have two meanings, referring to someone outside the conversation as well as to Severus. It is true that Severus refers to S, but it’s also true that Huck asks the question “..S, you in here?”. Also, Juules’ comment that he’s with “S” is totally consistent with “S” being Severus. Juules and Severus could be in the same room on separate devices. After Severus makes a comment, Juules chimes in for the first time in the conversation, letting the rest of the people know he’s sitting next to Severus and has been lurking the whole time.
Very possible.
I rate your theory very possible to slightly likely in a Z formation.