Well, canon, head-canon, and fanon are all different things. Regardless, I still think people are arguing about time in a very limited manner. Forget loops. Time is likely more like a wave. It could come crashing back where it started, but it's not even the same thing anymore on a technical level. Time is another dimension, and not one we can truly comprehend. We can only measure its effects. The ending of Final Fantasy always happened. But how it happened is up to the player, because we are the ones making the waves by playing.