an overly expensive option is this
https://singularsound.com/product/aeros-loop-studio/
Looks interesting...but in addition to being pricey, looks a little complicated.
This doesn't look expensive at all for what it does. I've been into looping ever since turning a Lexicon LXP 1 into a loop of sorts. Then the Lexicon Jamman, which, with its updated firmware, approaches what this does, but with way too many kludges to be ergonomic. This looks like the way to go if you are serious about looping but not going to go as far as Ableton. For laying down a groove and playing over it, it might be overkill, but still....
My only complaint, from a cursory inspection, is that it lacks multiple outputs so that you can have the looped audio on a separate send (for instance, to provide the drummer with just the looped sound so anything you play on top of it doesn't distract or confuse them), or different outputs for various loops to be able to do surround looping. Those would be the deal killers for me, not the price.