PeerTube is YouTube. It's a general-purpose video streaming application.
Loops is TikTok. It's for short vertical videos and for people with the attention span of a squirrel who don't know that you can rotate phones sideways, and who are constantly looking for the next dopamine kick. Also, in terms of software maturity in general and Fediverse software maturity in particular, Loops is nowhere near PeerTube.