I did this same loop a couple of years ago in similar conditions. The trail was very wet, a few inches of snow up high, and the thick red prickers were brutal. I spent a bunch of time searching for the trail in spots. I thought this would be a loop I would do a few times but just never made it back there. I was just a touch fastern but as you said there is room in this time. A faster person could probably get this near 2 hours on a good day.
2h 43m 34s