Verdict: Yes
Yes. Microsoft Loop is used at loop.microsoft.com in a browser, and the Windows version is a wrapper around that same website, so nothing real is lost by switching.
Microsoft's own getting-started guide points you at loop.microsoft.com and says you sign in with a personal Microsoft account or a work or school account. That is how Loop is used on a computer, whatever the computer is running.
There is a Loop entry in the Windows app store, but it opens the same web app in its own window rather than doing anything a browser cannot. You can get the same effect on Linux by using Chrome or Edge to turn the site into a shortcut that opens without an address bar.
Everything is stored in your Microsoft account, so there is nothing to export. Workspaces, pages and Loop components all appear when you sign in. Components embedded in Outlook or Teams keep working, and both of those are usable on Linux in a browser.
The thing to check is what your workplace allows. Loop is often restricted by an organisation's settings rather than by the operating system, and that restriction follows you to Linux unchanged.
If the point was shared pages the whole team edits together, Nextcloud does that alongside files and calendar, either self-hosted or from a provider.
Your files: No Loop import. Content is copied and pasted across.
Covers collaborative document editing with a layout close to Microsoft's, though it does not do Loop's embedded components.
Your files: Handles .docx and .xlsx well. Loop pages have to be copied out by hand.
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