If space and imaginary time are indeed like the surface of the Earth, there wouldn't be any singularities in the imaginary time direction, at which the laws of physics would break down. And there wouldn't be any boundaries, to the imaginary time space-time, just as there aren't any boundaries to the surface of the Earth. This absence of boundaries means that the laws of physics would determine the state of the universe uniquely, in imaginary time. But if one knows the state of the universe in imaginary time, one can calculate the state of the universe in real time. One would still expect some sort of Big Bang singularity in real time. So real time would still have a beginning. But one wouldn't have to appeal to something outside the universe, to determine how the universe began. Instead, the way the universe started out at the Big Bang would be determined by the state of the universe in imaginary time. Thus, the universe would be a completely self-contained system. It would not be determined by anything outside the physical universe, that we observe.
I would say the primary purpose of the imaginary time model is to describe observations in a mathematically consistent and useful way. No one is accounting for the ultimate cause of existence, but if spacetime does not require a singularity, then it does not require a singularity.