Technically she isn't breaking the fourth wall...
I'm watching it on FX now and it's the "DVD on TV" thing so those two people do like intros each time they come back from commercials and they just did a segment about how Olive is breaking the fourth wall...
But she really isn't. The audience that Olive is acknowledging is her classmates, teachers, parents, etc. as she tells her story on webcam. She makes no reference to being in a movie. If she was breaking the fourth wall, she would be acknowledging the audience in the movie theater, thereby acknowledging that she is a part of a movie.