Its basically like a cloud storage, and your local storage (your brain) gets wiped every loop. You can edit this file any time you want using your brain (you can be tied up and it still works). 1024 Bytes is all you get. Yes you read that right: BYTES, not KB, MB, or GB: 1024 BYTES
Lets just say, for this example: The loop is 7 days form a Monday 6 AM to the next Monday 5:59 AM.
How do you best use these 1024 Bytes to your advantage?
How would your strategy be different if every human on Earth also gets the same 1024 Bytes “memory buffer”?
With regard to what if every person on earth gets a similar buffer: Assuming everyone initially becomes aware of this feature, I would imagine communities would pool up their storage by connecting them via references to other member’s name or identity (similar to linked lists). They could store their collective thoughts in the form of megathreads similar to how Twitter users do it, in plain text or making use of links to Babel pages as suggested in another comment.
Intelligence agencies would be extremely efficient in cramming information in their limited shared buffers. Imagine they observe ‘CakeShoeRock’ written in the buffer and immediately conclude they are in a time loop because they anticipated this exact scenario and developed a comprehensive set of protocols and a system of condensed code words to follow for the same in advance.