I could argue that Cloud may not totally understand what she's trying to say, and the fact that it immediately precedes her death could lead to a kind of realization on his part that happens because it's too late. It would fold neatly into his total mental collapse, his being in denial of her death + his realizing he's in love with her.
Now, I personally don't actually believe this, but it wouldn't surprise me if some people walked away with that impression. Just trying to be as impartial as I can be while fully absorbing all the storytelling devices the writers are utilizing. That being said, compared to everything else that occurred in Remake and Rebirth re: Cloud and Tifa's organically developing relationship, it doesn't really hold up.
And as I type this out, actually, it also wouldn't be surprising if Cloud convinces himself he was in love with Aerith, fall deeper into his identity crisis, experience a full mental breakdown, then slowly piece himself together with Tifa's help and regain not only his identity, but remember and more deeply realize his feelings for Tifa. I don't know. So long as it ended up in the right place, I could be into that level of drama lol.