Could I play forever with this loop combination?
I assume your library is empty and your graveyard contains no other cards; otherwise you risk drawing something else (an Island?) and you'll have no Clear the Mind to cast anymore.

Even then, you cannot play forever; it's a "loop", but one with non-mandatory actions, and you'll have to use a shortcut to state how many times you want to perform the action.


  720.1b Occasionally the game gets into a state in which a set of actions could be repeated indefinitely (thus creating a “loop”). In that case, the shortcut rules can be used to determine how many times those actions are repeated without having to actually perform them, and how the loop is broken.


This loop is only useful if you have some other effect, e.g. Niv-Mizzet, the Firemind which turns your card draws into damage, or as you mention, Psychic Corrosion to mill your opponent.

(I don't know what happens in this situation in MTG Arena, I don't play it.)