I think there is a way to set up how the sequence plays back.
I agree about the confusion around loop length. Even in Step mode I get confused about zoom level, and track length.
I understand that because there are only 8 steps displayed that  is a bar, this zoom of  would then show us one bar, and all of its steps at 1/8 note zoom (?) but I’m still thinking like it’s the Pyramid, in terms of bars and beats. To me the length of  would be 4 beats, 1 bar, 16 steps.
But it seems to based on the display pads, and not musical math.