Yes. "Love" is not usually used in the continuous tenses in English -- it's a static verb similar to "have, see, think" and others in its core sense.
When McDonald's uses the phrase, "I'm lovin' it", they're deliberately playing with the language -- that's not normal usage.
I concur but I would add further that the usual expression I hear used for that is "making love."
In NZ, "making love" or "having sex" are possibly more common. But "loving" would be close behind in contrast with just "love" which tends to just mean affection.