Error correction can fix bit flips, but how can it help if qubits loose entanglement?
This is essentially the reason people are still interested in quantum computing, and why quantum error correction is viable at all. You can protect highly entangled crazy states from highly non-local complicated errors using only the resources needed to correct simple local errors.
[1] Key ideas in quantum error correction, Raussendorf 2012: https://royalsocietypublishing.org/doi/10.1098/rsta.2011.049...
See also: https://blogs.scientificamerican.com/observations/decoherenc...
I don't know exactly what you have in mind as "loss of entanglement"... But quantum error correction will very much preserve entanglement at the logical level against decay of entanglement at the physical level.