Does the bucket curl work OK? If you curl it to full travel, stall the hydraulics will the engine pull down. Try this at low RPM to see if engine pulls down or even kills the engine. If it does then problem is likely in the lift circuit only. If the curl is slow/weak also then it coudl be either the pump or the main relief in the control valve. Flow testing the pump would identify which.
If only in lift:
Will the load drop slowly at steady rate with lift arms raised and foot off the pedal? If yes - suspect the circuit (port relief) is stuck open. If no - the ciruit relief may have weakened and opening at lower pressure or cylinder is by-passing oil at the piston.
Another test after verifying the other:
Curl bucket full back. Try raising the load @ 1/2 - 3/4 RPM and curl the bucket more so it stalls the hydraulics. Does the lift start to raise better? If so, one or both of the cylinders are by-passing at the piston(s).