When using Loft, you can only use one sketch section profile at a time.
The way you have sketch this requires two picks in for each sketch.

Your sketches have two profiles in each sketch - a rectangle and a circle.
When you select the Section, the first pick selects the sketch.
Then because you have two profiles (the rectangle and the circle) you must then make a second pick to select EITHER the rectangle or the circle as your section profile.
Then repeat to Cut the hole.
BTW - you should install the Updates for Inventor 2020.
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