Wiccans can be polytheist, animist, pantheist, monist, duotheist, atheist/archetypalist, or “all of the above depending on the day”. Most Pagans believe that the divine is, or deities are, immanent in the world; and that includes most Wiccans.
This theological diversity works in ritual settings as long as everyone can “translate in their head” and have a certain amount of flexibility as to practice and the wording of rituals.
One reviewer of my book, Lisa Roling, expressed surprise that you can have different perspectives on theology in the same religion; but it works for Hindus, Unitarians and UUs, and many other traditions.
As a polytheist, I prefer it if we behave in ritual as though the deities are real, distinct from each other, and have their own desires and goals. So I avoid writing invocations that involve conflating different deities together, such as a multiplicity of sun gods from different pantheons, or assuming that all the gods are one God, or that all the goddesses are one Goddess. I also prefer it if, once a deity has been invoked, they are allowed to speak for themselves (instead of reciting a piece of poetry that has been learned).
As an animist, I prefer to treat all the spirits that are invited into my circles with respect. This means I respectfully invite the powers of the four elements to attend, rather than summoning them (which seems a bit peremptory to me). It also means being respectful of rocks, trees, waters, animals, and birds.
I regard the Horned God and the Goddess of the as Moon as patron deities of Wicca, rather than as the only deities, or the only ones that we worship.
As I don’t regard all the gods as one God and all the goddesses as one Goddess, and don’t wish to perpetuate a myth that reinforces the gender binary, I don’t celebrate the eight festivals of the Wheel of the Year as stages in the “cycle of the God and Goddess” (and neither did the early Wiccans; the cycle was introduced later).
None of these practices is in conflict with any of the other theological perspectives that one might encounter in a Wiccan circle.
A benefit of polytheism is that the great multiplicity of deities can express gender and sexuality in a huge variety of ways, and deities can change gender, and sometimes have no gender at all. There are gods of same-sex love, transgender deities, cisgender deities, and many more. If deities don’t subscribe to the gender binary, why should humans have to do so?
It’s also somewhat disrespectful to other cultures to conflate their deities with ours. Each culture has developed its own set of relationships with specific deities; and it makes no sense to say that Kali and the Morrigan are the same person, even if they embody a similar archetype. Viewing deities as distinct beings also means that we can visualise them as a multiplicity of colours.
Deities can be humans who have achieved apotheosis, personifications of cosmic forces, or the numen of a specific place, tribe, or city. Sometimes they also embody archetypes.
Polytheism and animism seem to me to be the best explanation of the sense of the numinous and the preternatural. Polytheism because that which has a personality must of necessity be finite; and that which is infinite cannot be a person in the accepted sense of the word. Animism because spirit, or consciousness of some sort, is present in everything. (Who hasn’t had that sense that photocopiers are sentient and can communicate with each other?)
One of Wicca’s great strengths is that it can accommodate multiple theological perspectives; sometimes these are even held by the same person.