I saw an observation Maximilian Dood made in today's live stream

While playing through the last chapter of Rebirth again today, Max said that this is the second time we see Sephiroth absorbing Meteor. And I thought, could this mean that Sephiroth has taken control of the lifestream, at the point where it defended against meteor? Could this mean the retrilogy takes place at around that point somehow? I'm sure I'm skipping many details, but I'd like to hear your opinions!