I am getting too many redirects as well on several sites once I updated plugin.
Sites are not multi-site. I am on WP 5.7.2.
They also all use Theme My Login. They are using the standard /login location. I tried the filter you added in this thread, but that did not help.
I have turned off the plugin until you can resolve it.
Let me know what you may need from me to help you debug, Kevin.