@dweller
Sure, that's not fundamentally different from using the tape loop with a tape recorder back in the old days to record from a turntable or a tuner.
You're not going to end up with a bit-perfect copy of the original though, and it's not going to have any of the metadata that makes it easy to manage in a portable player.
It's also a bit more dubious from an ethical stance - making mix tapes and copies for personal use of music you already own or that's being broadcast freely over the airwaves is one thing, doing it to make permanent copies of music from a streaming service where the royalties to the artists are paid per stream/play is another.