Honestly, as a Rei x Chako shipper, I'm glad he finally revealed his true thoughts about her. He has already mentioned how important Chako was during most of his darkest years; that she was the shining light in his life. It's nice to see him affirm this by saying he loves her, despite seemingly being on the Nagi train for so long. Given what he did with his grandma, that totally made me think he could go in the opposite way(with spite and hate) when Chako reappeared, given what she did to Nagi.
Ofc, this doesn't mean he doesn't care or love Nagi too, but I think she represents something much different now than she did at the beginning of the story.
As far as Chako dying, I no longer going to believe in these end-of-chapter cliffhangers. Time and time and time again, has this author led the scene in a way to make us believe something has happened, only for it to not go as expected or even completely change direction on that same event. Just a few examples:
1. Chako holding the knife at the end of ch140(imply she might kill/stab Reiji or herself), but ended up with Rei simply tossing it into the river.
2.Gen seemingly looking defeated after Yuko talk-no-jutsus him into despair(ch124), only for it to be Gen attempting murder and trying to kill her offscreen by the time we see him again.
3. Sensei seemingly getting swept up by Yuko and joining her side to bring Reiji home, once she mentions about Nagi(ch119), only for Sensei to call her on her bulls*** in the next chapter.
As much as I enjoy getting swept up in the hype train with everyone else I'll wait until next chapter to see if she's really dead.
That being said, if she IS dead, then she will forever cement her status as the one Reiji has, and does, love the longest, never being erased to time. I'd kinda like that actually; it would be bittersweet, because despite her recent actions, I've always liked Chako, so it'd be sad if the brightest light in Reiji's life is extinguished =0(....