Yes, it's the present passive of the imperfective любить
The masculine singular short form of present passive participles can often look just like the мы-form.
Both past and present passives can be predicates (not attached to a noun, so without case), and therefore have short forms.

видеть
Мы видим его.
Он видим нами.

*"Он - любящ." For instance, is incorrect. Because the active participles don't ever get used in this way, there exist no short forms from them.