That was my first thought too. It's the eyes. Both King Loki's eyes here and Saturn's eyes. It's so vacant and animalistic. And I think you've given us an important clue. Saturn ate his children so that they wouldn't usurp him and new versus old and all that.
With this in mind, this cover does make me question who this character is. I was sure he wasn't the real future Loki, but now I'm not so sure.
Something tells me Thor may know the secret now. Maybe he was just holding his anger in before this because he wasn't sure if he could harm Loki even after he found out? Seeing him call Loki an abomination is hard to read. Screw you, Remender! You're breaking my heart more than when you did that thing to Warren!