Currently, the loop button toggles the loop on and off. If the loop hasn’t been previously activated, it is positioned around the playback head.
Once it’s set, toggling the loop off and then on again will re-activate the loop at the prior position.
This is a simple, consistent and desirable behavior.
However, there are times when it would be useful to clear the position.
For example, if I’ve been looping a section near the beginning of the song, and then move to the back and turn on the loop, it’s nowhere in sight.
I can use playback to find the loop, or manually search for it, but then, I lose the location of what I’ve been editing. Sure, I could just look at the bar number, but it would be easier if there were some way of setting the loop to the position of the playback head, just like when SynthV starts up.
I don’t have any suggestion of how this could be implemented, simply that the feature would be useful.