John Mueller of Google said that Google will ignore redirection loops for search because redirection loops have been broken. A redirect loop is when you have page A to page B as a redirect and then you also have page B point page A. So you have redirected both to each other and it goes on an infinite loop. Browsers can't handle it and search robots don't want to deal with it.
Here is John's tweet:
It is always good to fix broken links for your users. Generally, a redirect loop is a URL that doesn't work, so it's essentially a broken link. We ignore this for search, but again, it is always good to fix broken links for users.
– 🍌 John 🍌 (@JohnMu) July 23, 2019
This is what some browsers look like when you offer them a redirect loop:
So yes, don't do that to your users, browsers or spiders.
Forum discussion on twitter.