That sentence is fine. It is a correct way to say it. A common way to say the same thing would be, "The lake is so beautiful that I can't take my eyes off it."

It is fine grammatically and would be understood, but it doesn’t sound too natural. “The lake is so beautiful that I can’t take my eyes off it” is more natural but still doesn’t sound quite right. “The lake is beautiful. I can’t take my eyes off it.” (There is something more than mere beauty drawing my eyes to it. And this expression would be more typically used with people than lakes, because lakes are big, and not something that you would focus your eyes on. ) “Who is that woman? I can’t take my eyes off of her.”