I would definitely put myself into the sequel camp, partly because it is more interesting to me and partly because it makes more sense both narratively and logically.
Assuming that's the case, my biggest curiosities are why all of these little things iterated or nearly iterated differently, presumably without the influence of Sephiroth. Either butterfly effect or they are taking a non deterministic stance on probability. I think it’s the latter because of how in spite of these Whispers, it still comes up repeatedly that the future is not set in stone. That the simple act of replaying the past, even unchanged, results in divergence. I like this idea, because it’s not as conventional than other approaches. After the Whispers are created, they only interfere with events that they sense have a strong causal weight.
It’s possible that the Planet is just clinging to the most familiar path without forethought - the events of the OG - and that the more divergent, the more uncomfortable it becomes. It’s still debatable how sentient the Planet actually is. I am leaning toward Sephiroth, tapping into a Lavos-like power latent in Jenova, being the orchestrator of the time travel, resulting in a reflexive response by the planet to generate the arbiters. If Sephiroth was not responsible for the time travel, then it is reasonable to assume that the Whispers have always existed in this continuity, because it could have just rewinded the first calamity and tried to whisk it away. I honestly wouldn’t want them to go in this direction because it’s too cliche and messier. I like the conditionality.
I also wonder how far it or Sephiroth went back, considering how the Zack event was altered. Or perhaps the act of any time travel at all caused them to permeate the entirety of the new timeline (until the party killed them presumably).
Although its level of sentience is hotly debatable (I’m actually not sure if I want them to disambiguate this - I kinda like the mystery, it’s like real life) I do not believe the Planet is intended to be omnipotent. Deities in Japanese storytelling are generally not. Omnipotence is a Judeo-Christian thing. And even there it doesn’t really pan out because of free will.
Crazy to think that the team is not just fighting against Shinra and Sephiroth, but apparently even the Planet itself. And also the fact that the creators seem to have been toying with the timeloop idea since AC, per Rufus’ speech.