No, it's the people that I love, my loved ones.

"My loved ones" refers to the people that are close to you, including your family members (children, spouse, parents, cousins, grandparents, etc.) and your close friends. It does not include acquaintences, but the people you have affection for. Those close friends, some who you love like a brother, most likely love you just as much. So it's the people you love and feel close to, even if they don't live near you. They are all your loved-ones. I don't know of any other meaning.

the people you love

No, I think it only refers to "the people I love".