I think he was loved. There are different types of love. Ray’s mental age made it impossible for be anything romantic. But Soohyun accepted and welcomed his existence. Thanked him for coming into existence and gave a some experience of a happy life like trying out ice cream for the first time or seeing a sunrise or sunset. So yea he was loved in a familial way like a younger brother. May sound weird since Ray and Sooha share the same body but essentially both are two different people.
I kinda feel bad for Ray he is gone without feeling loved to be honest maybe he is still there but figured it's no use to come out and ruin Sooha happiness. I lowkey was hoping that the jewel was still there just hiding somewhere and couldn't be seen at first.