"In love" could be qualifying what follows, yes.
Eph 1:5 - [in love (en agapEi) having predestinated (prohorisas: aorist, after predestinating) us (hEmas) unto (eis) adoption (huiothesian) by Jesus Christ (dia IEsou Christou) to himself (eis auton), according to the good pleasure (kata tEn eudokian) of his will (tou theEmatos autou),
Adoption (eudokia) in the first century was not like adoption of children today. Adoption was what a father did when he began to share the management of his enterprise with his son, accepting his son into full adulthood. Romans says that our adoption will be at our resurrection, when we receive a physical body like Jesus' glorious physical body and begin to reign with Him over the earth.
Rom 8:23 - And not only
they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption,
to wit, the redemption of our body.
This reigning over the earth with Christ was what God predestined for "us", the collective of believers who would trust in the Son and serve Him willingly. And this was an intention that was grounded in God's love. This raising of a family to reign with the Son pleased God, and was willed/desired by God, because it would be an expression of condescending love, and God is humble love.