The game doesn't namedrop the killer/final boss 99% sure on that, but it does do a refresher course on a few things, and the Heaven dungeon's victim is spoiled.
Oh about Teddie's attack there, it's like Fuuka's Oracle from P3. The video showed the best case scenario, but it can just as easily full heal the enemy, leave you at 1 HP, inflict random status ailments on you, etc.
I think it's a change during the port island visit, since the P3 school uniform is a costume you can get, so they probably let you go around port island some for a day.
Someone's translating the ending, Yosuke says this during it : Hanamura Yosuke: Look...plenty of things happened during those May vacation days, so we couldn't relax at all, remember?
So yeah the ending happens after Arena, no continuity plot holes here.
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