No. It's only useful as savings if it can be reasonably expected to hold long-term value. But with a valuation based almost entirely on speculation there isn't really a rational reason to assume that (unlike, say, gold or silver which still have commercial use providing a price floor).

I'd say it's horrible for savings. Savings is something you actually want to "save", meaning its likelihood of retaining value is as close to 100% as possible. With low risk comes low return, which is okay for savings. Bitcoin is an investment at best, a speculation at worst. It definitely isn't a guaranteed store of value. It's easy to confuse the fact that it's going up with the idea of storing value. Not very long ago your "savings" would have been about 1/2 its peak value in April, and in a year it might be worth 10X or 1/10th.

At this point it is way too volatile for use as as long-term wealth storage. The current state of Bitcoing only makes it suitable for high-risk, high-reward investing, which is not conducive to saving.