So on the Home page you link to the Services page, on that page you link to About page and on that page you link to Contact page then on this page you link back to Home page. This would be a continuous loop for google to crawl I am thinking.
Kinda but not really. Depending on how deep down the rabbit hole you go, you run the risk of Google stopping the crawl and never reaching the loop part. This particular method used to be effective on large affiliate-type sites and those same sites don't submit an XML sitemap as Google would pick up the pages directly from there.
For most businesses, we link all their main pages in the header and footer navigation. Usually, this is 5-10 pages. Then we get into the blog and online stores or categories etc. When you think about a store, they do more or less operate in the style of linking you're talking about.
Home > Category > Sub Category > Sub Sub Category > Product
But in each of those steps, while you're linking DOWN to the product, you're also linking BACK to the previous tier, and for extra bonus, you've got breadcrumbs enabled so a site visitor who is looking at the Product Page can simply click on Category, and be back at that top level.
I've not seen anyone show reports of "Link Sculpting" having any benefit when doing this method. It's almost like a Link Wheel, but it's internal on a single site. You can definitely find articles about link wheels and many used it prior to Penguin (2012/2013?). Besides people on Fiverr gigs and resellers, I don't know of any agency that would rely on that method for a client today.
Link, internally or externally, when you think it would be useful to the visitor. As long as that's in your head, all the other tricks fade away.