That is a possibility. Good you mentioned it. Keep in mind the main purpose of that valve is to let ground water come back "up" to prevent the water table underneath from pressing too hard on the bottom of the pool with nowhere to go, thereby damaging the pool. It relieves that pressure underneath.
But they can go bad. If it is bad, now if the time to change it. You should be able to remove the main drain cover to get to it. You can perform a food coloring dye test it to confirm a leak if you wish. Although since you're there, it might be good just to swap it out regardless so you don't have to worry about it for a few years. If the valve is bad when the pool is full, you would have to can use a plug, expandable or otherwise (in scuba gear unless you drain), to seal the opening while you look for a replacement. Since the water is so low now, you probably won't need to mess with plugging. Just replace the valve and press on. Some valves might require a special spanner wrench tool that gets down into the groove of the valve.
Here's a video of one replacement if you've never seen one:
Replacing a hydrostatic valve - YouTube