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Small-Scale Question Sunday for December 25, 2022

Merry Christmas, everyone!

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In some contexts, yes, it's used as a sort of a formal or impersonal version of the 2nd-person singular. Especially in customer service contexts you'll sometimes hear a singular "y'all" as a sign of respectful distance between the speaker and the person being addressed.

(Note: my comment is referring to standard usage in Texas and isn't directly addressing the point above about black American vernacular).