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Both.
Pasársela (pasar+se+la) is an excellent example of lexicalized pronouns. When pronouns aren't used the "usual" way but they themselves add to the meaning of the verb.
Pasársela means "to spend all the time doing some continuous action, or doing something once and again, almost relentlessly, in a way that resembles a continuous action".
Se la pasa viendo televisión = He watches television all the time.
Se la pasa vigilándome = She's constantly watching me. She keeps an eye on me all the time.
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