Hmmmmmmmmm. I can find nothing about this in the manual, and the only reference in the online help is the shortcut key listing itself but absolutely no description of what it does or what it's for.

My best guess is that all this function does is re-highlight the current loop setting if it's become un-highlighted. It doesn't "select" clips in the manner that clicking, shift-clicking, ctrl-clicking, or lassoing clips does. In effect, it only selects a portion of time on the timeline to be the active loop; it has nothing to do with the events on the timeline at all.

What i think is happening is that you do the Shift+Q to highlight, then click on a clip inside that loop expecting to be able to drag all the highlighted clips, however what you are really doing is selecting the clip you click on since none of the clips inside that loop are selected.

In short, Shift+Q selects time, not events.