One of the great lyrics in modern English of course,
You can spend ... all your time ... making money,
You can spend ... all your love ... making time,
If it all fell to pieces tomorrow - would you still be mine?
Note that "making time" is a slang phrase for (in short) "trying to get sex"; it's not unlike the phrase "to score" which you may know?
The first phrase exhorts you, on the practical side of life, to not spend your whole life, worrying about making money.
The second phrase exhorts you, on the love and romance side of life, to not spend all your time just trying to "get sex" -- to "score" -- keep a space for actual love.
If you go ahead and read all the lyrics ... put me on a highway...
..it's generally a song about the loss of things you missed out on (a woman who loved me - and I didn't even know); the two lines you quote are the very epitome of this, the protagonist is even offering it to us as advice .. but for himself ...
In the end though - heartbreakingly - the main character's only response is to just keep moving; too hop in a car and cruise away in to the desert.
The song seems to have been primarily written by, associated with, Randy Meisner. (Obviously, it is one of The Eagles many Very Famous songs from the period.)
In any event in answer to your question, you may not have been familiar with "making time" as a phrase associated with "getting sex". It's not unlike "making out" which you may have heard. So the pair of lines are a turn-about on (A) not wasting your life chasing money, and (B) not wasting your love merely chasing sex.