UPDATE

I'm back home at it. I check the video_frame_delay and it was set to 0. I decided to take @BuZz 's advice I saw earlier and opened up Retropie Setup and updated the Retropie script to 4.4 (I dont think I actually updated the platform, just the script). From there -> Manage Packages -> Manage Main Packages -> lr-pcsx-rearmed -> selected "Update from Binary". Rebooted. Final Fantasy VII seems to be working correctly now. I appreciate the help and advise other people experiencing slowdowns to follow the tips in this thread.