Is this sign the same as the 'I love you' handshape?
No. The sign described here means the concept or verb 'love'. The 'ILY' sign is a single-handed gesture combining the letters I, L, and Y, often used as a quick, casual way to say 'I love you'.
Does it matter which arm is on top?
No, it doesn't matter which arm crosses over the other. Most signers naturally place their dominant arm on top or on the outside, but either way is perfectly correct and easily understood.
Can I use this sign to say I love a movie or food?
Typically, this hug-like sign is used for loving people, pets, or deep emotional connections. For loving an inanimate object, like a movie or food, ASL often uses the 'kiss-fist' sign instead.