At the moment there is not a “time line” implemented in the way a sequencer progress its midi data through time. But there are suggestions - feature requests that propose such a workflow, note as steps, root notes, start, stop, loops, intervals etc. In general there has to be some kind of a basic sequencer pipe [with a start and a possible end point] to handle messages through time in order to add more functions like program changes to act progressivelly. Just a guess.
For the loopback control there might be a future update to include this function internally. This will expand capabilities and more complex paths will open.