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He probably already complete the game few time. (New game plus with 25%, 50% or 100% PP and money from previous run)
I doubt it. Each character has 6 stats and it costs 10 pp to raise a stat 1 point so it would take 12000 points at least to raise all six to 400 because most of those stats are below 200. Enemies give between 2 to 8 pp per kill and even if we were to consider the 8 pp ones only then he would have to kill 12000 % 8 = 1500 enemies to max out one character and on stage 4 he has 4 mechs with 5 different pilots that he would have to max out. 1500 x 5 =7500. I severely doubt that he spent the time to grind 7500 kills just to max out those characters so I am pretty sure that he cheated.