Your first loop should be using the "Is Not Pressed" operator, unless the intent is for you to hold down that that key while you're dictating.
You have removed both the "{EXP:}" token and what was intended to be the "{STATE_KEYSTATE:}" token from the second loop, and apparently changed to the "True/False (Boolean)" tab rather than the "Text" tab; this cannot result in a working command.
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These topics may also be of use:
Control flow (If, Else, ElseIf, Loop, Jump) basicsVariables and tokens summed upFor now, right-click the second "Loop Start" action and choose "Edit With Condition Builder", then double-click the first entry in the "Set 1" list, and use the "Text" tab to check whether "{DICTATION}" equals the literal text "" (I.E. nothing, as you're checking whether the dictation buffer is blank); click "OK" to confirm the changes.
Next, click "Add Condition (And)", and use the "Device State" tab to check whether "Delete" is not pressed; click "OK" to confirm, then "OK" again to apply the changes to your command, "OK" to confirm the changes to the command, then "Apply " or "Done" to save the changes to your profile.