"it's a loss" is correct and usable in written English.
You can use it to express that a situation resulted in a negative outcome or to describe something that is gone. For example: "The team felt that it was a loss when their star player decided to leave for another team."
Exact(60)
"It's a loss, a major loss," Knicks Coach Mike Woodson said before Saturday's game.
Sometimes it's a loss".
"It's a loss.
"It's a loss," he said.
"It's a loss," Figgins said.
It's a loss of nerve.
It's a loss for us.
"It's sad; it's a loss," he said.
But I also feel it's a loss.
For the moment, it's a loss leader.
It's a loss to us, the community".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com