No, the sequence is "Powers of 2 with all even digits."
You are thinking of squares, not of powers of 2.
I see the difference in wording now, as its not very clear what they meant
It's actually very clear, and there's nothing wrong with admitting you're unfamiliar with the terminology, we all were at some point.
Saying “powers of two” is a universal way of denoting 2^n. It’s okay to admit being wrong rather than blaming OEIS for being vague.
The phrase squared is "powers of two" is much, much more common than you know. I'm part-time substituting as a grade-school teacher. Ask any if they are explaining this difference.
"power of two" with "power" singular perhaps but "powers of two" with the word "powers" plural is really not common as a synonym of squared (excluding people who don't know what they mean at all in the first place)