That gif is from the first episode of arrow, way before Laurel died, before Barry even knew there was a zoom, they simply showed a future event. Such as when Felicity and Oliver are in the limo and she tells Oliver to make "him" pay. Remember Laurel died episode 18 season 4 of arrow. Barry lost his speed episode 18 of season 2 The Flash
I think they are in the same time line, but a few discrepancies. For the most part it's at the same time. Maybe a few weeks difference.
Flash episodes air first, so say a flash episode takes place a week for an arrow episode. So a few things can be hinted at before actually being unveiled in arrow. Such Oliver's league armor when he helped Barry. Maybe he already had it, but hasn't been named heir to the dragon, or whatever, until a bit later, in the subsequent arrow episode
All of the two parter episodes of arrow and flash take place in the same episode. For instance Legends of Yesterday part 1 is season 2 episode 8 of the flash and part 2 is season 4 episode 8.
I think things take place episode episode by episode. Like in season 1 Oliver helps Barry take down Thawne. When it's over Barry says he'll help out whenever he can. Oliver says he actually needs some help soon and in a few episode after in arrow, Barry helps break out team arrow, minus Oliver, from Nanda Parbat.
Episodes don't have to take place on the same day, like one sided cross over episodes, but I still think that flash episodes happen before the next arrow episode.
So this episode, 19 happened after, or at the same time as Flash episode 19. Episode 20 of flash will occur some time after Arrow episode 19 and Arrow episode 20 will happen some time or at the same time as Flash episode 20. Of their respective seasons of course.
As for flash having his speed back. [spoiler]("spoiler" but Harry said last episode that he was going to build another particle accelerator to give flash his speed back.").
Laurel hasn't been buried yet. Only 5 episodes left this season. I guess Barry gets his speed back and then goes. Since the timeline is the same in my opinion, at the time of laurels death he was busy with zoom, and by busy he means unable to run at superhuman speeds.