Mallard
You are correct on the advantage of two reversing loops and I have two pairs of them in an oval and figure 8 on one inside loop and a dog bone on the other.
When I recently installed a Wye I can reverse in one direction luckily from the inside loop of main board and the outside loop. But to reverse from the other direction through the Wye I have to back through the Wye which is not always pretty. I take this in stride as real trains must back through some Wye's too.
Picture of train going from inner loop on main board, through Wye to outside loop of other board (though 5 switches! ).
If I want to reverse in other direction, the train has to continue to the lower right past the Wye, and I then throw the two switches on the bottom of the Wye on the lower left. I then would have to back the train from the bottom right through the two bottom Wye switches to the outside loop at the bottom Left.
To make this Wye I had to add two switches, the one in the right side of the Wye and the one to the top of the Wye.
Picture of oval and figure 8 in the inside loop of main board.
Picture of dog bone reversing loops on control panel on right.
Charlie