There's no loophole. The play CAN be reviewed, it's just that the review can't benefit the penalized team. So, throwing a challenge flag to prevent the other team from benefiting from a review won't work. They'll get the review plus the 15 yard penalty and you will look like a fool for trying to exploit a loophole that doesn't exist.
The rule is dumb on its own merit. It doesn't need a fictitious loophole to make it garbage. End thread.