Our SEO expert has suggested we not do lazy load and do pagination as they said google crawler will not be able to crawl footer content if we implement unlimited lazy loading of our Products in our Catalog Page. Is this true?
It depends on how are you going to use Lazy Load. If it is just for images (the URL structure will not change) probably you will not have any problem and Google would be able to index them. Check John's Mueller discussion for more information.
The rendered page snapshot is taken at 5 seconds, so content needs to be loaded by that time, or it just won’t be indexed for each web page.
Nevertheless, run a test and use Fetch as Google for websites in order to check how Google will see your site. If Lazy Load content doesn't appear in there, you shouldn't use it.