Well. as you can see, the rule (Famicon Any%) says: -Timing ends when the battle text on chaos clears.

Actual World Record and my PB:

I suppose someone should explain the cause of the timing difference. Luzbel's time in fact is not wrong, reason being the timer started differently rather then finished differently. If you look at the start of the run he did a reset at about 6 seconds. Retiming the run from reset untill the final point (the one you correctly pointed out) will give the time luzbel has on the leaderboard.

To confirm this cronokirby frametimed Luzbel's run back in the day and that was the timing we used for the final time. Hope that clears up the reason for the time being wrong.