Right, Kaz. In truth, they weren't really even "Time Travelers" in the literal Sci-Fi sense of the term. It would be like you and me going into cryo-freeze and waking up 1-year from now. Did we "time travel" ! ? - of course not...but the game acts like it was something out of Back to the Future with the Flux Capacitor.
This is why in response to your earlier question about the Ancients and their time travel abilities....it's quite possible that they DIDN'T have the technology to conduct "TRUE" time-travel (in fact, the thing with Max and Kane having to use Cryo-stasis to "time travel" in effect, PROVES they didn't at that time - or they would have just used that easier / simpler method !)....at the time they sent Kane, Max, and Darksol "forward" to Rune's future.
If some of the Ancients survived the cataclysm that destroyed them (we never really learn what it was - it couldn't have been Dark Dragon as he was defeated by them - - - maybe it was the Vandals or some other unknown menace - or they just started having less children or something odd - and they "died out" naturally, over hundreds of years) * - according to SF-1's intro - it was about 1000-years since the Ancients last lived, from the start of the story (Shining Force) - as that was when they had last sealed Dark Dragon away.
So something happened in those 1000-years to make the Ancients fade from Rune's history into myth and legend.
But if SOME of them had survived whatever happened...and used their advanced technology to go to another dimension, or into space, or who knows what...they would have potentially still been alive in "modern" Rune's era, 1000-years after their last battle with Dark Dragon.
This is what I think Mawlock could be. By that time (1000-years after)- they may have continued to refine their technology and been able to do TRUE "time-travel" - ie - go back in time....or, rather...just teleport around from place to place in the world, without any real effort (this is what we see Mawlock doing most anyways - he never really "TIME TRAVELS" to the past or future, during the game).
Mawlock and his fellow Ancients might have watched the world, and seen the revival of Dark Dragon happening....this is why he talks about the world "straying from the path that was intended"...and he was sent down to Rune to try and help the inhabitants to do this (reseal the beast). Remember he says "Humans...sigh.....it can be so frustrating explaining things to them.... (meaning he does not consider himself human, or even native to Rune anymore in the way the other races are).....if it were up to me (suggesting he takes orders from others - perhaps other Ancients still alive somewhere)....."
And he also mentions that its against his policy to "dirty his hands" - but he'll do so, just once - to "bury you ! (Dark Dragon)" - at the last battle - suggesting again that his role is one of advice and support (through the Card-technologies) - as opposed to direct down-and-dirty frontline combat. This would support the idea that the Ancients want to see the current races of Rune show their worth and reseal the Dragon on their own (Sort of like what Volcanon orders Bowie and crew to do in SF-2, when you meet with him).