I want to escape from school and I [am in] love with this "escape."
The problem is that this escape would resolve to an actual single instance of you escaping, but you only mention an escape you want to do.
You can't say this escape unless there was an actual escape. You can say this desire to escape or this want to escape.
Escapism means something different than escape and is not really related to a physical escape as in breaking free from a place. It means the overall tendency indulging in fantasies unrelated to reality in order to avoid reality. Escapism would be something like:
I often daydream that I'm a cartoon rabbit in a TV show. And other things. I am in love with my escapism.
Similarly can I use escapism instead of escape in this sentence?
Escapism is an -ism that isn't used to describe specific things, but rather an overall tendency of a person. A person wanting to indulge in escapism will do certain things, but it's odd to say doing certain things gives or provides escapism.