This is actually a crucial quote for the entire play, as Helena here in Act I scene 1 explains the complete irrational nature of love that had already been displayed by the central lovers and will continue to be displayed by the lovers themselves in the woods. The entire quote runs as follows:
Love looks not with the eyes, but with the mind,
And therefore is winged Cupid painted blind.
Nor hath Love's mind of any judgement taste;
Wings, and no eyes, figure unheedy haste.
This quote means that love does not look with reason (with the "eyes") but with the imagination ("the mind"). This is why Cupid, the god of love, is painted blind, because he does not use reason. Aslo, love is not affected or impacted by any kind of judgement or reason, as the wings of Cupid and his blindness indicate that love is incredibly hasty in terms of its impact on us and our actions.
We need look no further than just a few scenes away, when Puck administers the magic lotion and puts the lovers into a riot as first Lysander starts to love Helena and then Demetrius loves her too. Likewise, when Titania falls in love with Bottom we see little reason or judgement. The whole play explores how love overpowers our judgement and reason and makes us do stupid things when we are dominated by it.
The context of this passage is Helena's recognition that love is irrational, including Demetrius's sudden rejection of her in favor of Hermia. Helena, who has determined she will try to regain Demetrius's heart, states:
really good answer