Transcribe! will give you an idea of the note or chord being played in the section you loop )or note you loop) and its that function which comes in handy. You can the check on the fretboard and maybe figure out which of the octaves is being played, which should then help you with subsequent notes, as they are likely (not always) in the same position. It will take an educated guess at chords as well, assuming the track is not very muddy/distorted. But looking at the video you have to do those elements yourself with this tool.
Now if Transcribe! had that tab writing feature …
My 2 cents