Aims. K 1-6 has long been classified as a planetary nebula (PN) hosting a binary central star; however, it has remained poorly studied due to its faintness. The central star exhibits pronounced photometric variability whose origin is still unclear. We present a comprehensive characterisation of the K 1-6 system, including the physical properties of its stellar components and the nature of the surrounding nebulosity. Methods. We conducted a multi-wavelength analysis combining optical and UV spectroscopy obtained with the Gran Telescopio Canarias, the Telescopio Nazionale Galileo, the Nordic Optical Telescope, and the Hubble Space Telescope. We also present long-term multi-band ground- and space-based photometry, including high-cadence data from the Transiting Exoplanet Survey Satellite, narrowband imaging, and the latest astrometric constraints from Gaia. Results. Our results show that the nebula is not a remnant PN, but instead consists of interstellar medium photoionised by a hot white dwarf, which is relatively evolved. It has a cooling age of 1--2 Myr, implying that any original PN has long since dissipated. We further find that the central object is a hierarchical triple system, comprising an inner binary with an orbital period likely of the order of thousands of days and a distant tertiary companion orbiting on a timescale of tens of thousands of years. The optically dominant cool component of the inner binary is an inflated K-type star displaying extreme magnetic activity, including large-amplitude variability and flaring. Its properties resemble those of BY Dra-type binaries and Abell 35-type systems, and are difficult to reconcile with single-star evolution, pointing instead to a history of binary interaction.