"Lo and behold",
Ol' Laguna says to Ellone.

"If I were you,
I'd give in for my age
in a previous world,
wIthout Elle."

Is it the player by any chance?
when looking at this riddle, the first part refers to the storyline I believe, we see this. The whole previous world thing gives me the impression that it's our own world. As the game has Elle in it all over the place, but in our world, she doesn't really exist. Or it could be our way of thinking, "If I were you" if the player was laguna, he would have given up, as what we see, seems to be practically impossible to do in our world, we dont have the strength or determination to do all that laguna did, not to mention it's a make-believe world.

I dunno though. There doesn't seem to be any visible connection that's the problem, the whole riddle just doesn't make sense. The fact that it's in quotes concludes that it was said, or thought to oneself.

The answer is not a person.
The answer is not an obtainable item.

that leaves only places, metaphorical connections outwith the game, or enemies. And enemies don't make sense because they don't speak unless they are a person.

Any chance of another hint?