We just saw visible cracks in Shanks’ armor this chapter, he looks weaker than he ever has. Helpless, and literally carried by Loki. That alone makes me think Oda is not going to go crazy with Shanks wank. He is not suddenly going to have Shanks beat a world ending threat that was carrying him just a few years prior. Mind you that this was already an aCoC-wielding Shanks who was known for his legendary duels with Mihawk.
If anything, Shanks may have challenged Loki in something like a Davy Back, maybe to try and break the chains with strength alone, similar to the real myth with Fenrir. Fenrir was the one who ripped off Tyr’s arm, and the resemblance here is honestly uncanny. Oda very clearly took inspiration from that Norse lore.