Currently playing Skyrim SE on PS4/5. The loop still works, but it seems to be a bit more odd and complicated than people seem to be saying, at least from my viewpoint on it all. Once I use the enchanting potion, every enchanted item in my inventory seems to be buffed, as long as it's not a special enchantment (ex. Arch-Mage Robes), however it can work on a special item (ex. Morokei) Using the loop, I was able to buff Morokei to give me 1700% Magicka Regen, among other things. However, as also stated, once the enchantment potion wore of, the gear would show as the baseline improvement instead. However, under my Active Effects, I still had the Regen buff, among my other buffs still active. So essentially, craft gear and/or weapons you plan on using, use the loop, drink the enchanting potion, and then equip the now buffed gear. The most important part then becomes to then NEVER REMOVE THE GEAR unless you plan on using the loop again for more increased effects later on down the road, or to create an armor set you actually want to use (ex. You unlock Daedric or Dragon smithing)
That's just what I can tell so far. Unfortunately, I noticed it a bit too late, but I was able to seriously buff my weakened mage (since Skyrim neutered magicka users), but now that I'm aware of how it seems to work better, I can be more prepared when I recreate the loop.