Yes, Most of the time 可 means 'able' in '__able'. But it could also be 'a thing that can be easily loved'. Rr simply, 'pleasing'. For example, 可口 means tasty.

Yes, Most of the time 可 means 'able' in '__able'. But it could also be 'a thing that can be easily loved'. Rr simply, 'pleasing'. For example, 可口 means tasty. So, 可爱 could be understood in both ways actually.