I does look like it's in the present. As well, he refers to himself as Lea when he meets Mickey and Maleficent.
Another theory I want to ask:
The young looking Xenmas at the end is seen with Vanitas.
Vanitas was the darkness from Ven's heart.
Near the end of KH2, Ansem the Wise's machine explodes, and Riku is back to normal and can not use darkness like before, as if the darkness was removed from him.
Possible?