It's safe to say that the God of Mischief was the MVP of Phase Five. I know it's not done yet, but that doesn't matter; Loki, a character once considered among the MCU's most selfish, nobly sacrificed the chance of a life for his loved ones, opting to take over as ruler of the timelines, preventing complete destruction of the TVA and the many, many timeline branches, protecting everyone's futures in the process. Yes, he got his chance to rule over something on a throne, but this wasn't a selfish task - it was a selfless one.
Yes, Loki is still alive, but his new role as the God of Stories will prevent him from making him an immediate comeback. The timeline(s) will continue to be in play during the era of the Multiverse Saga so there will always be hope that he will return, but this was written to be a farewell for the character (although it is more likely a temporary one).
There is a good chance that the final battle with Kang in the upcoming Avengers movies will require him to step back onto our screens, so his big comeback will undoubtedly be saved for Phase Six.
After all, we haven't gotten that reunion between Loki and his brother Thor. It's going to happen one day and the God of Mschief will be able to show his big brother just how far he has come.