Magnetism typically arises from the effect of exchange interactions on highly localized fermionic wave functions in f- and d-atomic orbitals. In rhombohedral graphene multilayers, in contrast, magnetism -- manifesting as spontaneous polarization into one or more spin and valley flavors[1-7]-originates from fully itinerant electrons near a Van Hove singularity. Here, we show that despite the absence of localized electronic orbitals on the scale of the interparticle separation, rhombohedral graphene bi- and trilayers show thermodynamic signatures typically associated with disordered local magnetic moments. Specifically, while long range valley order vanishes at temperatures of a few Kelvin, thermodynamic characteristics of fluctuating moments, probed via both electronic compressibility[2-4] and exciton sensing measurements[8], survive to temperatures an order of magnitude higher. Measurements of the electronic entropy in this regime reveal a contribution of $\Delta S \approx 1k_B$/charge carrier, onsetting at the Curie temperature, while first order phase transitions show an isospin "Pomeranchuk effect" in which the fluctuating moment phase is entropically favored over the nearby symmetric Fermi liquid[9, 10]. Our results imply that despite the itinerant nature of the electron wave functions, the spin- and valley polarization of individual electrons are decoupled, a phenomenon typically associated with localized moments, as happens, for example, in solid 3He[11]. Transport measurements, surprisingly, show a finite temperature resistance minimum within the fluctuating moment regime, which we attribute to the interplay of fluctuating magnetic moments and electron phonon scattering. Our results highlight the universality of soft isospin modes to two dimensional flat band systems and their possible relevance both to low-temperature ground states and high temperature transport anomalies.
