SEMANTICS??? When misunderstanding the meaning can KILL you???
"...keeping time and loosening it so the limb isn't lost..."
You don't put a hemorrhage-type tourniquet on a snakebite. Ever. Period.
Also, the layman's instructions for treating snakebites (in people or animals) has changed in the last 20 or 30 years. Here are the current DO NOTS, posted by the U.S. National Library of Medicine:
"Follow these precautions:
•Do NOT allow the person to become over-exerted. If necessary, carry the person to safety.
•Do NOT apply a tourniquet.
•Do NOT apply cold compresses to a snake bite.
•Do NOT cut into a snake bite with a knife or razor.
•Do NOT try to suck out the venom by mouth.
•Do NOT give the person stimulants or pain medicines unless a doctor tells you to do so.
•Do NOT give the person anything by mouth.
•Do NOT raise the site of the bite above the level of the person's heart."
https://medlineplus.gov/ency/article/000031.htm
The WHY of not doing much:
" Traditionally, first aid included making local incisions or “tattooing” at the site of the bite, attempts at suctioning venom out of the wound, use of tight bands (tourniquets) around the limb, and/or local application of ice packs.
None of the traditional remedies have any proven medical benefit. They should be discouraged as they do more harm than good and delay transport to a medical facility. Incision, suction, electric shocks, cryotherapy, or washing the wound are contraindicated as any interference with the wound introduces infection, increases bleeding from the site, and hastens absorption of the venom."
And: " As per the PIM [Pressure Immobilization Method], immobilization and bandaging of the bitten part is similar to that done in the case of a sprained ankle. Studies have shown that it is seldom applied correctly in simulated environments and, moreover, mobilizing the limb for more than 10 min nullifies the benefits of even the correctly applied bandage.
Both quotations from
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2700615/
However, since pets aren't considered sentient beings by law, in your desperation to 'do something', you aren't likely to be held responsible for their loss of limb or death. IOW, they are 'property', and you can do what you want.