I think Jun Mo relates to Ki Chun when he explains how Ki Chun always had the opportunity for a normal life but he gave that up for his greedy pursuit. The same can be said about Jun Mo who began his undercover investigation because of his feelings of inadequacy with his background compared to his wife's. Jun Mo tries to compensate for his insecurities by aiming for great achievements through larger risks. And once shit hits the fan, Jun Mo trudges forward whilst losing his humanity because he feels like he's in too deep to call it quits. This parallels Ki Chun's experience.
So I think when Jun Mo lets Ki Chun go, he didn't do it because he had an undying loyalty for Ki Chun. Jun Mo, who saw himself in Ki Chun and resented that fact, was hoping that both he and him can restart and return to normalcy. This is why the camera pans after the drug bust, it juxtaposes Jun Mo still wearing Tae Ho's rolex and his wedding ring. The wedding ring represents Jun Mo's past before he went undercover and what he desires to get back, while the rolex represents his undercover life which still affects him; though Jun Mo tries to forget his life as Seung Ho, the consequences linger.
When Ki Chun returns to Jun Mo, defeated and unable to move on and restart, it also foreshadows Jun Mo's inevitable fate. When Ki Chun attempts suicide, he was no longer the criminal on the run, but the man who had a chance at a good life and lost it all in his greedy pursuit and was now putting an end to it. Jun Mo did not want to face his own reality, and by killing Ki Chun, he reverts the narrative as to a criminal on the run. But Jun Mo can't escape reality. While both Jun Mo and Eui Jeong receive promotions, his wife lays a bed of flowers and returns her necklace on Ki Chun's tombstone, to suggest she rejects Ki Chun as merely the slain criminal; Jun Mo lays his ring (which represents his past) to suggest he has fallen in the same way Ki Chun has.