Well, yeah, that version of history sucked. Good thing they changed it.
They did change it, right?
After the third movie created another altered timeline starting in the 1880s (hence the ravine being renamed 'Eastwood Gulch') everything is up for grabs. We're assuming 1985/3 is mostly the same as 1985/2 because we see the second version of Lorraine and George in the house but, beyond that, everything is up to the fans to determine in their own head-canons.
When we see Old Biff return to 2015, he seems to be in some distress as he's trying to get out of the DeLorean. Fanon is that Lorraine eventually got up the (possibly liquid) courage to do him in sometime after 1985a, and he's in the process of fading out as that catches up with him.
My fanon is that losing the almanac and the fact that Marty is apparently in league with Space Aliens broke Biff-B (the one from the 'Biffhorriffic' 1985). He never regained his mojo and losing his 'lucky charm' (the almanac) destroyed his self-confidence. Increasingly paranoid that Lorraine and George's kids were plotting against him, he tried to kill them in a ludicrously ill-thought-out manner. His wealth and power enabled him to avoid prosecution and divorce Lorraine without having to make any maintenance provisions for her. However, he was now quickly burning through all the favours he was owed by his organised crime contacts and, having lost the almanac, he could no longer pay them off by winning them sporting bets. Having finally used up all his legendary luck, he started making too many dangerous enemies and getting too deeply in debt to 'creditors' who cared nothing for the law; ultimately he was killed, like his long-time idol and role model Ben 'Bugsy' Seigel, some time in the early 1990s.