There is a feature very similar to this that has been around since at least Version 3.
It is called insert silence. It is in the manual, there is a key command for it [CMD]+[ALT]+I , it is also in the edit menu.
It does not appear to be in a popup menu, so it is kind of hidden.
You don't use the loop range, you selec the RANGE TOOL and select a range across the tracks, then run the command.
It will split the tracks at the start of the range and slide them over to the end of the range.
It is a great tool for adding a section to a song.
Earlier this year I needed a function like this, I did it using the arranger, then a month later I discoverd that the function was already there.
There are so many features that are hidden away in Studio One, It is one thing that makes the program so great and also a little frustrating.
I think the developers probably used the Range Tool instead of the loop range so it would be more flexible. This way you are not limited to adding the section to all tracks you can choose only the tracks you want to spread out.