Personally I'd say no because this ignores questions like "recreate the prison" and it then brings up the question "Why did Oric not finish off the Last Seraphim?"
Only if you choose to ignore the question...
It instead brings up the questions, "What is the prison?" "Who is recreating the prison?"
The following is a crazy joke theory to demonstrate how it could work together:
Who answered Oric's question about recreating the prison? Riltia. Why? Perhaps the question was directed at her.
Perhaps the prison is something that Riltia is trying to recreate. The whole question asked something about being in a prison so long that punishment becomes reward and escape a punishment. It seems like an obsession of some kind. We've seen that Riltia is obsessed with Ciro. Riltia finds a way to come into contact with Ciro every cycle. She has always been by his side. So what if Riltia is Kyubey in this story?
Oric, like Homura, is using the cycles to stop the recreation of the prison. Something that he has yet to stop. Some kind of event between Ciro and Riltia that is seemingly inevitable. It is necessary to keep the cycles going to prevent this event from becoming fixed. This might also be why Oric took the deal in the first place. Perhaps the event happened and Oric tried to undo the effect by initiating the cycles. Only he found that despite Ciro coming back with no memories, so did Riltia. And no matter what happened, they met. And the event takes place. And Oric is powerless to do anything about it because ultimately, the choice is Ciro's.
Perhaps Oric was different back in the day. Homura became jaded, cynical, and more distant with each iteration. Maybe the same happened to Oric.
That said, I proposed the Madoka idea I did because I think we've been a bit too one-dimensional with Oric's badguy status. He is Oric the Awesome, not Oric the Asshole after-all. So I figured maybe he has hidden depths and maybe the cycles is not something he's simply doing for himself.