The Black Omen onscreen is shown to not only warp space and time across different time periods, but also to create portals to a parallel dimension.
Where is there any evidence of any kind of this? The other dimension is directly refered to as being a parallel world, we see multiple attacks from space remain the same across both worlds, the moon and the five stars are connected to the Dragon God who was eaten by Lavos in both worlds, and Chronopolis directly refers to these worlds as universes.
When is Lavos stated to be near-infinite? Both the English version and the Japanese version say he has infinite power.
If more evidence is needed, Lavos was killing the Entity which was putting strain on all of time in both the Japanese and English versions.
(Original Japanese kanji)
(Literal translation)
(Original English SNES translation)
Time is infinite.