Microsoft is phasing out the Teams wiki. One option for Teams notes remains OneNote. This post is not about either of those approaches.
If an organizer adds notes, e.g., an agenda or meeting notes, to a Teams meeting entry from the Teams calendar blade, those notes can be reached through searching the Microsoft 365 portal. They appear as a Loop component.
1. Where is the content stored? Is it accessible for offline backups? Can it be preserved for eDiscovery?
2. What exactly are Loop components? None of the MSFT pages clarify that. They appear to be structured content that is subject to M365 permissions but not limited to a traditional Office app. Is that accurate? If so, again, where is the content stored? For example, how can it be searched as eDiscovery?
this loop file for Collab meeting notes is saved either in the organizer's OneDrive or the first attendee who starts the meeting notes, so the same eDiscovery/Compliance that apply to OneDrive applies here