No. Intel CPU's, even way before Linux, were microcoded, so you're still using the full instruction fetch, decode, and microcode system for every step in your infinite for loop. You aren't wearing out the CPU any more than running any other code.
None of the instructions likely to be emitted by that loop will be microcoded, and the instruction will always be fetched from L1 cache. That said, this won’t be an issue simply because CPUs are designed and tested to be able to handle hot loops.
