Absolutely. Loki's hype is off the charts. Regardless of what the fandom may think of individual giants' strength, each and every one of them is far superior to common soldiers from other races. We've seen what Giant warrior pirates did to Kizaru's armada, and there was only a few of them.
Now imagine an entire country of giant warriors, likely hundreds of them being required to restrain Loki, that's extreme hype. Even if the majority of them aren't beyond veteran level, that still makes Elbaf by far the most powerful island/country and Loki by far the most powerful giant.
Add on top of that a devil fruit that was specifically hyped as legendary, likely being mythical zoan of norse origin, and the specific potrayal of Loki as the harbringer of ragnarok, it definitely means that Loki is endgame threat.
Who exactly is supposed to be on Elbaf that is stronger than Loki when entirety of Elbaf's warriors were required to restrain Loki? I'm sure if someone like that existed they would have been mentioned.
So yeah, I'm betting on Loki being on general level of yonkou's and personally hoping that he's stronger than Kaidou.