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"In our frame of reference, it really currently is 13.2 billion light years away"
We have to precisely define "currently" and "away"? There are several reasonable and different definitions for each of those. What would you like to mean by those words? Once we define that, then we can calculate whatever distance is the appropriate one for those definitions.
1) How long has that photon been traveling to get to Earth ("light travel time")? 13.2 billion years
2) How far away is that galaxy right now ("proper distance"). I.e., if each galaxy had a clock that counted seconds since the Big Bang and could instantaneously extend a long ruler to the other galaxy and the ruler was sent and received at the same time has measured by those clocks, how long would that ruler be? 32 billion light years
There are other definitions, and you can make this arbitrarily more complicated by considering moving reference frames.