It's really about perspective. As an audience, we are witnessing the events of this day over and over from different perspectives, but the events occur only once.
To say someone is "stuck in a loop" to me would mean a person repeatedly going back to the beginning, with everything resetting like Bill Murray in Groundhog Day. His consciousness is sent back into his body when the radio alarm comes on. It may last eternity, it may just be a very long time with many cycles, but there's no foreseeable end and time becomes irrelevant because it's always the same day.
What we're seeing here is more like a linear timeline that happens to fold back on itself. The events of that day unfold because all 3 Hectors are in existence from the beginning. When Hectors 1 and 2 get in the machine at the end of the day, they aren't new versions of themselves going back "again" to experience the events of the day as Hectors 2 and 3. We're just seeing them leave the timeline the only way they ever did from a new perspective.
If you followed Hector 2 back in time at the end of the movie, he wouldn't be experiencing those events "again" you'd just be observing Hector 2's experience for the second time. Hector is in no more of a time loop than if you watch a movie more than once. The characters of the movie aren't in a time loop because you watch it a second time, you're just observing the events again.
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