Liberation
One of the meanings of liberation (maybe the least important) is liberation from the cycle of birth and death - and possibly over again.
Small Self
From the perspective of the small self, this makes sense. We identify with the small self, and feel trapped in this cycle - there doesn't seem to be any choice. And there may even be an idea of some "entity" being reborn, which makes matters even worse.
Big Mind
From the perspective of Big Mind, it makes less sense. Everything is a manifestation of Big Mind, Buddha Mind, God, Spirit, Existence etc. Everything is Big Mind exploring itself, unfolding and interacting within itself as Absolute and Relative, as the Ground and phenomena.
It is the Absolute - the space & awareness - aspect of Big Mind incarnating as "local" awareness, and it does so in/through an aspect of its Relative Existence, the small self. Big Mind experiences itself as local awareness and identified with a small self. The infinite puts on yet another face and takes a step into time to experience an apparently limited existence.
If anything is reborn, it is just the pattern - or an aspect of this pattern - of the small self. And this is just a vortex in a stream, a temporary pattern of matter and energy in the world of phenomena. It does not have any fixed or independent existence.
The only one that can be "liberated" is the Absolute - when it awakens from its identification with the small self and to its own nature. But it just awakens to what it already is, so it is really just the perception of fixed and limited identity that falls away.
Looking at it this way, there isn't really much that can be liberated. It seems very real and important to us, but in the big picture - it is all a self-created struggle.
A self-created struggle that helps the whole experience and explore itself through parts, that helps the infinite get to know itself as finite. God manifesting and exploring itself in always new ways.