I don't have screenshots/evidence on me right now, but one thing I find particularly fascinating about Mahoyo is how, with Aoko and Soujuurou, it seems to rely heavily on... quiet implications about those characters pasts rather than front stage reveals, if that makes sense?
Like with Soujuurou, it's not explicitly stated that he's the same type of assassin that Kuzuki from FSN was (and it may yet be proven that he's actually not), but the pieces are there: the similar names, the mountain isolation, the scars all over Soujuurou's body (more on that later), and eventually his ability to take down Lugh Beowulf. It's framed as sort of being 'the one thing he is able to do, the one thing he has experience in', is avoidance of wild animals and wolves specifically, but even with that in mind, what he does in that scene far surpasses the limits of a 'normal' human. But it begins to come into focus a little more if you consider that he might have been raised specifically for the purpose of taking down targets so thoroughly, and not even know it.
With Aoko, it's not fully stated (iirc) how she inherited the Fifth Magic and what exactly the 'Red Riding Hood' she sees is, but with her going Redshift Mode during the finale and basically shunting Soujuurou's death into the far future, things become a little clearer: odds are that the Red Riding Hood figure she sees represents humanity's Counter Force (as well as being a callback to Hollow Ataraxia and a similarity with Strange Fake). Not that there is actually a Counter Guardian present or pursuing Aoko in the physical sense, but it is there, in her mind, as a consequence of having fucked around with Time in the past. To me, it feels rather similar to Shirou in Heaven's Feel with Archer's arm, where even just acknowledging or thinking too much about the red-cloaked thing carries a lot of existential risk, of basically breaking the mind, even before they actually try to use the thing they are told not to.
As for Aoko's usage of the Fifth Magic in the past... we're never explicitly told the results of it, but there is that (very very upsetting) prologue-like story about the family of cats that were killed by the car starting, and how Aoko took the kitten that was barely alive to her grandfather to try and get it help. And we don't know exactly what happens, but I think this is when Aoko first interacts with the Fifth Magic, I think she and/or her grandfather tried used it to revive the kitten somehow, similar to how Aoko would later revive Soujuurou (who is thematically the cat). I think this is what started the 'Red Riding Hood', as a representation of the Counter Force and the consequences of messing with Time, appearing. It really feels like it thematically fits, to me, that something so major as the Fifth Magic would be used on something so small as saving a dying kitten, and that that would be what puts Aoko on the path to becoming the Fifth Magician, that despite her sometimes abrasive personality and the expectations of Magi behavior, she still has this kindness and sympathy within her.
And on that subject, let me jump over to when Aoko first sees Soujourou's, who we've established is on the same thematic wavelength as the cat, bandages and scars. This is a scene that's largely a humorous one, as I recall it, especially as it results in Aoko buying the collar for Soujuurou. But part of what I got out of Aoko's reaction (as well as a later scene around Soujuurou and his bandages), and maybe this is due to my prologned exposure to Nasu's writing, was a mix of sympathy and anger, because while you do have the comedic 'bwah hot shirtless guy in the middle of the room', Aoko is specifically taking in his scars, in a way that feels like more than just curiosity. Maybe this is me projecting based on other Nasu boys, but I feel there was some light anger or frustration, at him, his body, and the wounds on it, because it shows a lack of either ability or willingness to take care of himself, which Aoko doesn't seem to like. There's also potentially the revelation, to Alice and Aoko, that this boy is more than what he seems, that there's something more potentially dangerous or sinister in his past than just 'isolated mountain living'. And then you also have the possibility that the neck wound specifically is reminding her of the mother cat's death in the past. So to cover up those scars, Aoko buys the collar for Soujuurou to wear, which also works to help Aoko keep him in line (the stated reason).
As for what Soujuurou's scars actually are, that's a lot more vague and doesn't seem to be 'fully' answered in Mahoyo in the way the aforementioned are, unless you just take Soujuurou at his word (which you should rarely do for a Nasu MC) then it's animal attack scars, though that doesn't explain the burn-like one on his arm. Remains to be seen.
I'm basing all of this off of Mahoyo/what I recall from Mahoyo because the Switch version doesn't allow enough screenshots; the FGO collab probably digs a fair amount more into this stuff and/or just outright states stuff in their profiles, but I haven't read up on it yet, so far I'm sticking to what was presented in Mahoyo itself.
(I'd seen some people call stuff around the FGO collab 'spoilers' for Mahoyo sequel/follow ups, but since those aren't even out yet, it's more like foreshadowing and building hype. Which is the best thing FGO can do in a collab event)
I wouldn't call most of what I've talked about here a 'theory', because I feel like much of this is presented within the text itself and is more than just guesswork, but it is pretty speculative and it's been a while since I finished Mahoyo, so there's the (unlikely) possibility I'm flat out wrong. And maybe I'm thinking the VN was being more subtle than it actually was, maybe things were actually clearer or more explicitly stated, but I'm not sure that's the case.
(I hope this whole post didn't come off as too pretentious!)
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