No, bit 0 determines whether it is a save vs. spell.
If bit 0 is set to 1, then it save vs. spell. If bit 0 is set to 0, then it is not save vs. spell. Same with the other bits and other save types.
Here is a translation of that bit mapping into actual values.
Value | Save Type |
0 | None |
1 | Save vs. Spells |
2 | Save vs. Breath |
4 | Save vs. Death |
8 | Save vs. Wands |
16 | Save vs. Polymorph |
However, you can combine multiple saving throw types if you add the values together. Want something that can be defended by a Save vs. Wands or a Save vs. Polymorph? Add 8 and 16 together to get the value 24.
You can verify this behaviour in NearInfinity by right-clicking the field and selecting Edit as Number.