Love bracelets should be fine although personally I cover mine up in some areas. They can’t steal a Love off your wrist but wearing something well known might make you a target.
My Italian friend said her mom’s Rolex was stealthily removed off her wrist when she was in Naples. I’ve heard dozens of stories like this. My parents were pickpocketed in the Paris metro and hotel cleaning staff stole out of their rooms during one of our vacations. My aunts were pickpocketed clean of their jewels in Barcelona (but to be fair, I could 100% imagine them being absentminded tourists walking around in the Rambla with 3 carat e-rings and diamond necklaces). None of these things have happened to me but I’d like to think I am more cautious when in a new place.
It happens to people all the time all over the world, but it’s not something I would obsess over. If you’re willing to be very careful with your stuff (and insure it!) then go ahead and wear it. If you’d feel more free leaving it at home, that works too.
I have a similar story for Paris, hotel/serviced apt staff stole Chanel and LV bags out of our families' rooms and pickpockets tried to grab my grandmother's purse on the metro. This was in the late 2000s long before the pandemic/recent hard times. That said, I've travelled around Italy since with no issues and both my gf and I were wearing our Cartier stacks. As others have pointed out, every city has its risks and you've just got to stay vigilant and cover up if you're in the more crowded, touristy or off-the-beaten-track areas.