The phrase "is hugely important" is correct and usable in written English. You can use it in any situation where you need to highlight the importance of something. For example, "Teamwork is hugely important if we want to succeed.".
That is hugely important.
Retroactivity is hugely important".
This is hugely important.
"This report is hugely important," he said.
Yet children's literature is hugely important.
This seemingly dry question is hugely important.
The work you do is hugely important.
Being a terminologist, I care about word choice. Ludwig simply helps me pick the best words for any translation. Five stars!
Maria Pia Montoro
Terminologist and Q/A Analyst @ Translation Centre for the Bodies of the European Union