Because magnetism is what’s called a conservative force where returning to a position means no work has been done in the time between being at those points. That means your spinning wheel is doing producing no energy as it spins. Also since we’re in the real world there are also non-conservative forces like friction that are expending energy you don’t get back when you return to the same position, so you’re always losing energy.
Some other conservative forces you’ve seen would be spring tension and gravity. Once you set it in motion a spring keep moving “for free” since a cycle uses no energy and it only slows down as friction saps away the energy. In the same way, if you throw a ball up its kinetic energy turns into gravitational potential energy and then back into kinetic energy and (ignoring friction again) it has the same speed when it returns to the height it left your hand–no energy left the ball the whole time.
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