Super Smash Bros. Ultimate Ripping Project

[Random Talking Bush]

I'm trying to find Safer Sephiroth but aren't having any luck.
I was hoping I could find the PNGs making up his body in the files but I'm guessing the whole thing is just an FMV with certain characters overlaid on top?

Yep, it's all just a pre-rendered cutscene. Seems to be the trend with DLC characters to have videos instead of animating those in-game (Joker, Hero, Steve and Sephiroth are the only four characters so far).