Removing the speed governor is different. All that does is tell your PCM that you can do over 115 m.p.h. without killing the fuel (which is what happens with the speed governor enabled).
The rev limiter kills fuel to save the engine from spinning itself apart. Toyota set this limit to 6500 rpm because that is the design of the engine. Spinning it faster will destroy it unless you build the engine with components designed to handle higher engine speeds, such as cams, valve springs, pistons, connecting rods, and crankshafts. Usually the weakest link is your valve springs, as excessive engine rpm will not give enough time for your valve springs to close when they need to be, which cause the valves to float and crash into your pistons. The next thing is replacing the crank, pistons, and connecting rods with lighter and stronger parts, as heavy parts carry more inertia and will damage connecting rod bearings.
Every engine has a specific powerband, typically from your peak torque rpm to your peak horsepower rpm. The peak horsepower rpm in the Corolla's 2ZR-FE is 6000 rpm. I shift out of first at 6100 and shift the rest of the time at 6000 to stay in the powerband (I intentionally shift a little late out of 1st so that I start 2nd gear at peak torque).
By revving your engine to 6500, 7000, 7500 rpm without having done the engine work, all you are doing is risking blowing your engine up and running the engine well past the powerband, which only makes you slower. Kiddos shifting their Civic Si past their powerband because they think redline is the best shift point is what makes me take them in my Corolla and get laughed at.
Google "dyno sheet". Usually after a certain rpm you'll see horsepower and torque nosedive. Changing the rev limiter means you're putting your engine in that nosedive spot and accelerating more slowly than if you went into the next gear.