canPeel API checks legality as well as profitability of peeling the
loop. Separate this out since sometimes (for example downstream), we
just need to know if we can peel the loop.
Currently, since we have exactly one profitability check, it seems
unnecessary to have a separate API for this. So, we just decide based on
the passed in argument.
This is an NFC, since by default we always check profitability.