Well, not exactly.
If you get enough wounds that he would HAVE to put one of those onto a special weapon (plasma or whatever) then yes the save on that man is specific, and would mean he loses him if failed.
This makes characters pretty good at hitting important squad members.
Could we see a resurgence of the power weapon toting I5 commander?
Dark Angels 1750 win/loss Record
Win - 23 (Belial helped wreck Ryan's puny Eldar)
Loss - 13 (Brice's Necrons wiped me)
Draw - 2 (The 13th hold out in alpha take and hold)