Here’s the Deal
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First of all, it doesn't have a management app for LOOP. It could be a pain to manage your music library when you've uploaded quite a few. But the official team mentioned that they are actually working on it. Secondly, you can't customize the UI or even the color scheme. Third, the music metadata is not configurable inside LOOP. If any song you have uploaded has wrong metadata, you would have to upload it again, rather than edit it "on-the-fly". They are working on it though. See More
A locker implies that you can take stuff out as well as move things in. YouTube Music does not allow you to download your own music - music that you own, that you uploaded yourself - unless you pay for a subscription. Some of my music files were made by friends and cannot be replaced. This is a form of property theft, even if it isn't legally described as such. See More