I was literally shaking with excitement and fear when I fought him for the first time and lost on a weekend morning in early 1998. I was 11.
Got the whole family out of bed for my second attempt and victory, then had to explain wtf the ending was to them.
Current Sephiroth feels like he's meant to be scary because we know Sephrioth from the original game, you are right about no aura.
They did get me again when Zodiark came out a few years ago in FF14 though, it's midnight and I'm finding a good spot to put the game down... and the final boss is here early at lv83. And he can rotate the boss area and fuck up the aoe telegraphs. Amazing.
Sephiroth in FF7R vs Sephiroth in FF7 is kinda analogous to when a wrestler jumps from WWE to AEW and people say the new company hasn't done anything to get them more over and all their overness is because people know who they are from the previous company.
For the laymen, that means that FF7R Sephiroth is just coasting on whatever residual heat the character has from FF7, while R actively brings him down with each appearance.
I've got my own fond memories of FF7 in 1997. I played up to Kalm on release week, then my mom took it away because I was technically grounded from games for the first two months of high school so I'd focus on school. She essentially let me out of grounding for a few evenings for FF7, the game I'd gotten a PS1 specifically for a couple months earlier (the Squaresoft On Playstation demo disk - FF7, Bushido Blade, FFT, Saga Frontier, with only the first two playable) was all I played that August, and I played the hell out of it).
A torturous month and a half or so later, my grounding is lifted for Halloween, and I hit the game hard from that evening onward. I didn't actually beat the game until at least a few weeks later, somewhere between Thanksgiving and Christmas. I also summoned whoever was around to see me fighting the final boss. I think I lost the first several times because I remember having to grind in the Northern Crater and being depressed by the music (and high school sucked at the time so that was probably what was actually depressing)
Second PS1 game I got was Bushido Blade and I think that was around Christmas. I loved the demo of that game but when I got the full game, it was different and didn't have the same aura. It felt more like a basic fighting game. I played through it pretty quick and then brought it back to the store and returned it (back then you could bring an opened game back to the store and get something else if you didn't like it). Got FF Tactics instead. Whew, way better choice. Spent the entire winter playing FFT and then got my third game right about when spring hit, SaGa Frontier, and had a ball with that for several months.
So yeah, I went through the Squaresoft demo disc, and associate FF7 with Fall, FFT with winter, and SF with spring. Good stuff. /storytime over