Can you made a game like zelda mjoras mask? 

a game that you have to start over again after 2 minutes, but that you retain some story items?

If you can beat the entire game in 1 loop, yes.
If  players will need 2 loops to complete the entire game, no.

Time loop narratives with loops of 2 minutes but require multiple loops meaning the actual game takes 10 breaks the spirit of the jam.