Yes. If you watch the writer's commentary and read the original unedited dead mans chest script it basically says that Jack loved Elizabeth. She's the only person who ever challenged him and got the best of him. For example she tricked him into drinking until he passed out and burned his rum, and she chained him to the ship by kissing him. they both understand each other too.
so yes, i believe he will always love her, even though they won't be together. (And no I'm not a fan of the jack/elizabeth pairing, I'm just stating the obvious)
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