If Rodgers is going to come back on a 3-year contract or so, which is probably what needs to happen to sign him and get under the cap, this move makes sense. If Rodgers is getting a new deal, Love isn't the guy. So they should get something for Love while he's still a somewhat attractive prospect on a rookie deal. Especially if they can pull a Sam Darnold sort of trade (2nd, 4th, and 6th). Heck, a 2nd (what Josh Rosen was traded for a few years back) is probably a good value if they're sure he's not the guy.
If they're gonna get a 7th rounder or bust/malcontent/project sort of guy like the Kizer trade, it makes more sense to keep him as a backup.
Now, if Rodgers isn't fully committed to 2023, I feel like giving Love another year of development would be the most sensible option.
Looking at Love's contract, it looks like he will count about 2.8m against the cap. Normally I would say the easy choice is to keep both QBs if they can. But with the cap situation this year, all bets are off. Assuming Rodgers is back, it wouldn't surprise me if they go with Kurt Benkert and a developmental UDFA or low-round draft pick on the practice squad.