As asked about matrix $A\in M_3(\mathbb R)$ satisfying $A^8=I$, "what can we tell about the degree of its minimal polynomial?" , the answer is that the degree of the minimal polynomial can be $1,2,$ or $3$. We show a bit more, roughly what minimal polynomials of $A$ are possible.
Since $A\in M_3(\mathbb R)$ and the minimal polynomial divides the characteristic polynomial (of degree $3$), the degree of the minimal polynomial is at most $3$. The minimal polynomial must divide $x^8 - 1$, since $A^8 = I$, and therefore the minimal polynomial also has no repeated roots.
It remains only to show that degrees $1,2,$ and $3$ can each be achieved. The case of degree $1$ requires a single eigenvalue (root of characteristic polynomial) of geometric multiplicity $3$, so take $A=I$ or $A=-I$.
The case of degree $2$ requires two distinct eigenvalues, one of geometric multiplicity $2$ and one of multiplicity $1$. For example:
$$ A = \begin{pmatrix} 1 & 0 & 0 \\ 0 & 1 & 0 \\ 0 & 0 & -1 \end{pmatrix} $$
Finally we consider the case of minimal polynomial having degree $3$. Recall that the companion matrix of a polynomial has characteristic polynomial equal to its minimal polynomial. Therefore any degree $3$ real polynomial dividing $x^8 - 1$ can be realized as the minimal polynomial of matrix $A$. From its real irreducible factors, as @Qurultay commented:
$$ x^8 - 1 = (x-1)(x+1)(x^2+1)(x^2-\sqrt 2 x+1)(x^2+\sqrt 2 x+1) $$
Thus we can choose either of its degree $1$ irreducible factors and any one of its three degree $2$ irreducible factors. Multiplying those two choices gives us a degree $3$ divisor of $x^8 - 1$, and that can be realized as the minimal polynomial (and characteristic polynomial) of $A$. For example, $(x+1)(x^2 + 1) = x^3 + x^2 + x + 1$ and:
$$ A = \begin{pmatrix} 0 & 0 & -1 \\ 1 & 0 & -1 \\ 0 & 1 & -1 \end{pmatrix} $$