This project needs to be carved in at least two (and possibly three) passes. As is, it’s setup to use a 1/8" bit for a roughing pass and 1/16" detail pass. This can be changed to a single pass with a 1/16" bit if you prefer.
Regardless, you first need to select the outline and set the cut depth to zero. The outline will be cut as a separate pass after carving the design. The outline needs to be cut with a bit capable of cutting the full ~0.9" thickness, most 1/16" don’t have enough flute length so a 1/8" bit is recommended.
If you want to use the heart icon and make your own pun, see this Easel file
After the design is carved, the cut depth of the outline needs to be set back to black (so that it cuts all the way through), and the cut depth of the design element should be set to zero.
The bit should then be changed to a 1/8" diameter bit with a 1" flute length.