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Here's an article published on Hipsters of the Coast about a 107-minute MTG Arena game. The core idea is, one player was playing a deck that had no win condition except 4 Teferi, Hero of Dominaria. The deck wins by first getting Teferi to its ultimate, cast some spells to exile all the opponent's permanents, and then use Teferi's -3 to put itself back to the library. Since the opponent can't cast spells, they'll eventually draw their entire library and lose.

At least, that's the plan. In this particular game, the opponent countered or killed all four Teferi. That leaves the player with no way to win. However, he's still able to loop Nexus of Fate to take all the turns and never lose either.

Question: if this happens in paper Magic, is the game drawn?

No. If you in a situation like that in paper magic, you'll have to create a shortcut per CR:

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.

Also per MTR 4.4, you can't ‘opt-out’ of shortcutting a loop:

A player may not ‘opt-out’ of shortcutting a loop, nor may they make irrelevant changes between iterations in an attempt to make it appear as though there is no loop. Once a loop has been shortcut, it may not be restarted until the game has changed in a relevant way.

The game could be drawn if both players were involved in a loop both would choose to continue indefinitely, but this is not the case:

If two or more players are involved in maintaining a loop across turns, each player chooses a number of iterations to perform, or announces their intent to continue indefinitely. If all players choose to continue indefinitely, the game is a draw.

You can't stall indefinitely using Nexus of Fate because it is an optional ability loop involving just you.

From the Tournament Rules section 4.4:

If one player is involved in maintaining the loop, they choose a number of iterations. The other players, in turn order, agree to that number or announce a lower number after which they intend to intervene. The game advances through the lowest number of iterations chosen and the player who chose that number receives priority.

...

A player may not 'opt-out' of shortcutting a loop, nor may they make irrelevant changes between iterations in an attempt to make it appear as though there is no loop. Once a loop has been shortcut, it may not be restarted until the game has changed in a relevant way. Proposing loops as an effort to use up time on the clock is Stalling.

In order for a loop of optional abilities to cause the game to end in a draw, it has to be a multi-turn loop involving multiple players. See What happens in the event of a standoff in Magic?.