Okay nevermind... after hours and hours and troubleshooting, I opened OBS settings while explaining the issue to my brother and started clicking around. I realized the FPS was set to 60 and not "match output FPS", so it was forcing these old PS1 games to run at 60 FPS causing the speed up...
I am completely baffled. I used to play this thing a bunch, but it's been sitting unplayed for quite some time now. I plugged it back in yesterday and noticed after the initial Sony boot up sequence, after picking a game (doesn't matter if it's a game from the 20 already on the system, or from...