PBR : generating dynamic HDR maps
There are no easy answers here, if you are serious then it is possible to replace cubemaps with hemispherical maps, which result in just 2 offscreen renders each instead of 6. They are not popular because the math and setup are nontrivial. RTR4 has references to papers. If you get that working do a writeup here please! Look for Dual-paraboloid shadow mapping.
Another solution is to only update your maps every other frame, or every third frame. So if you have say 12 maps, then update 4 of them each frame round robin style. Also frugal culling can greatly reduce the number of faces that have to be rendered but quality is reduced. I see so many implementations that render all the geometry in the scene to every face when much of that geometry is outside the frustum of that face. This alone can increase performance but scene complexity will play a major role in overall performance.
As far as infinite reflections is concerned, think about that for a second, infinite rays is going to take infinity to render no matter what your technique is. If you manage to trap photon's in a perfect reflector in real life then you can't observe it because observing it destroys the perfect reflector. I'm not trying to be sarcastic, I'm just giving a reality check.
But simple techniques can get good reflections in real time. Screen Space reflections are tricky little buggers to get right but when done well can yield very nice results. You don't see many implementations around because there are a lot of corner cases to consider. Again if you get a good implementation of this working, please share it here!
What you are implying in your post sounds like you would, at the very least, have to do reflections against all the cube faces, this too is not realistic, even on the best hardware, your computes are better spent someplace else, like ray tracing...