It's important to note that no one, not even Venat, knows exactly how time travel works. G'raha knew that he wouldn't be able to save his timeline, but he didn't know what would happen to him afterwards, if he would perish or if there would be a branch. Even Emet-Selch was very surprised when he found out that G'raha found a way to time travel. Based on that, I think it can be said that Venat's comments on time travel are merely speculative, that's why she says things like "You may find your world to be very different...".
Now I do firmly believe that there is a time loop involved, since Venat kept her memories and tried to steer the future of Etherys to meet with what she knew. I think that the whole reason why the writers decided to make her keep her memories and, therefore create this loop, is because they wanted to make this neat little parallel of us, the player, fighting our fight in the present while Venat is fighting the same fight in the past. I think the "convergence" of timelines she refers to could be, just as Iscah said, a way to say that the loop is now closed, and from this point forwards everything is unknown.
Also one last note, I have a theory that Pandaemonium doesn't involve time travel. That would imply that the ancients somehow did find a way to travel through time, but somehow Emet-Selch never heard of it? I find it hard to believe. What I think happens is that the Pandaemonium we see in the present has actually always been there, but it's only visible to us now, perhaps due to Hydaelyn not being there anymore. (Although I will say, it's a little weird how it appeared right after we came back from defeating Hephaistos.... It's a working theory.) I also say this because, based on how time travel was established in this world, it shouldn't be possible to change the present by actions done in the past, doing that should create a time branch like it did with G'raha. I say should because the writers could always change that and mess everything up, which I hope they don't.
Something else that's very interesting is that even though Elidibus saw us in the past, he sent us to a different time from that which he saw us in. Remember, he only saw us during the events of Pandaemonium, but instead decided to send us to a time where Hermes and Meteion were there. How did he come to that conclusion? Wouldn't he want to send us to the time when he saw us, to ensure that the loop is fulfilled? These are interesting questions to think about, but I think we'll need to wait for the conclusion of Pandaemonium to get our answers.
Time travelling in the FFXIV world, as much as it seem confusing, actually makes sense and they have been following their own rules so far.