Yes. She does. She falls for him in Final Fantasy Seven based on his similarities to Zack, and even after she intellectually knows the two are different, emotionally, she still loves Zack, though her love does transform post mortem from being a romantic style love- as she thinks of Cloud in the first chapter of Case of Lifestream- to a more maternal one- as seen by her behaviour in the movie Advent Children Complete, and in creator commentaries as her role in the film.
This doesn't mean she doesn't love anyone else, but whether she does or not is beyond the bounds of this question.
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Everyone in AVALANCHE loved Aerith in some way. Including Cloud. But there is nothing to say he had romantic feelings for her.