Ultimecia did not travel back to Hyne's time because Dr. Odine very specifically states that it is impossible to travel back that far. Ultimecia uses the Junction Machine Ellone to travel back to Squall's time so that she can find Ellone so that she might be sent further back in time. The Junction Machine Ellone works exactly like Ellone's power works, so it can be assumed that there are limitations on how far back Ellone can send people. And yes, Ultimecia does have something in the future that allows her to time travel - the JME, not Ellone's granddaughter.
This is true. Ellone is an anomaly within the world of FFVIII: time travel prior to Ellone's existence can be assumed impossible.
Lastly, this entire theory is invalidated because it's stated throughout the ENTIRE game that time is unchangeable. Except, maybe, via time compression, but since time is unchangeable no one will ever achieve time compression. Theory dead.






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