What if all particles are waves. They just temporarily form loops that we consider to have particle behaviour when observed on a larger scale.

Yes, but also both. (a simple example follows)

Think of it like you being at work or home. If I check your house, either you're there, or you aren't. If you're there, you're at home, simple. If not at home, you're at work.

Same with your work: either you're there when I check - or you aren't, therefore at home.

But before I check either location (it's understood that you are only in 1 of those 2 places), you are effectively in both places, and neither place, all at once.