For what it's worth I agree with you. But that's not proof in of itself.
At any rate, another thing I've noticed that the Ultima Weapon in FFVIII carries a sword that looks identical to Cloud's Ultima Weapon sword. My conclusion is since the FFVII Ultima Weapon drops Cloud's Ultima Weapon, it could follow that the FFVIII Ultima Weapon simply carries it's own version of the sword into battle instead of merely dropping it. Many FFs have both the UW monster and sword. There are many convoluted ways to explain how it could be the same sword, but I find them doubtful.
On a side note I've been tempted to break out my ArtFX UW action figure just to give the sword to my Cloud action figure. I'd bet it'd look cool.
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