Yes, SHETLAND is a Scrabble word!

Letter values in Scrabble US: S 1, H 4, E 1, T 1, L 1, A 1, N 1, D 2.

Is it a valid word?

SHETLAND is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an archipelago of about 100 islands in the North Atlantic off the north coast of Scotland
a small sheepdog resembling a collie that was developed in the Shetland Islands

Also: shetland islands, shetland sheepdog, shetland sheep dog.

Not playable in Scrabble US: ZETLAND.