evaluation loops

There are so many ways to accomplish this - it's impossible to pick the "right" one without knowing a lot more about your use case. But let me offer some ideas:

First, there is no way to add a loop in conditions. Loops are actions. But you don't necessarily need a loop ... for example, if you use the "List contains item" condition you could check to see that the term item is present in the multi-valued field list. My understanding is that this is exactly what you're trying to do.

Or you can use the "Data comparison" condition to compare your field value with a list of terms.

Or you could use an "Fetch entity by property" action to retrieve nodes that have that term, then loop over the resulting nodes.

Perhaps a more interesting thing to do is to use Rules components, specifically Rules and Rule Sets, both of which can be a combination of conditions and actions. You can use a Rule or a Rule Set as an action, which can be in a loop, so this gives you a way to use both conditions and actions within a loop. It also helps by putting your complex logic into a component, so your reaction rule is simplified because you're just looping over the component rather than making tests and setting data etc.