Learn Italian: Il sentiero è ripido, però il panorama è bello. - The path is steep, but the view is beautiful.

Però means "but" or "however". To express a similar idea using anche se ("even though" or "even if"), you would attach it to the drawback: Anche se il sentiero è ripido, il panorama è bello. (Even though the path is steep, the view is beautiful.)

Could I use ma instead of però here?

Yes, you absolutely can. Ma and però both mean "but". Però often acts a bit more like "however" and can emphasize the contrast—as if to say the beautiful view compensates for the steep path—but they are mostly interchangeable here.

Does panorama mean the same thing as the English word "panorama"?

It is related, but used much more broadly in Italian! While in English a "panorama" is usually a very specific wide-angle image or view, in Italian il panorama is the standard, everyday word for "the view", "the scenery", or "the landscape" you are looking at.

Why does the sentence use bello instead of bel?