(You mean poder of course, but for benefit of other readers ...) Yes, sort of - that's how the sentence is structured. It is not saying: It is important that I am/you are/she is ... able to love, in which case poder would need to be conjugated (puedo, puedes, puede...). It is exact translation from/into English in fact. Es (It is) importante (important) poder (the infinitive, to be able) amar (infinitive again, to love). It is also how you would say "Being able to love is important" - in English, we make the noun from a verb typically like that (walking is my hobby, swimming is healthy, etc) but in Spanish, tbe infinitive is used not the -ing present participle.
Duolingo has never explained to me what “It” is in Spanish. Every time there is a sentence with “It is” the translation they give is “Es ___” and it drops the pronoun. It makes it confusing when I’m trying to understand whether to conjugate an infinitive or not, such as in this sentence, since in English we’ll use “it” sometimes when we’re not referring to a specific thing, just like this sentence, but I’m not sure if Spanish does that or not.
Spanish does not have a subject pronoun for 'it' as English does.
Sometimes this can be confusing because the subject pronouns are not always used even when they do exist. Here is an example using the verb 'ser.' Es alto can mean He is tall, She is tall, or It is tall. You can generally tell the difference by the context.
Looking at it another way, if you want to say He is tall, you can say Él es alto or Es alto. But it you want to say It is tall, you can only say Es alto because there is no subject pronoun for 'it.'
The same thing happens with other verbs. Está bien can mean He is fine, She is fine, or It is fine. Viene y se va = He/she/it comes and he/she/it goes.
There are some case where "it" is the only practical choice. Está roto = It is broken. Lleva tiempo y requiere disciplina para aprender un idioma = It takes time and (it) requires discipline to learn a language.
In this exercise we have Es importante which in theory could mean He is important, She is important or It is important. When you look at the rest of the sentence, you can see that 'it' is the only obvious choice.
Es importante to mean 'It is important' is a common phrase in Spanish.
Similar phrases are:
Es necesario = It is necessary
Es extraño = It is strange
Es cierto = It is certain
One last thought. The word 'lo' in Spanish is a direct object pronoun that means 'it.' For example, Lo toma o lo deja = Take it or leave it. Lo cannot be used as a subject pronoun.