Nope, the bottom bolt release first appeared on the Model 14/114 American Classic when it was introduced in 2004(?). Basically Savage was looking at ways to "dress up" or "clean up" the lines of the 110-Series. Besides the bolt release location change, they also employed the smooth barrel nut on select models.

How Savage determines which models get the top release and which get the bottom is beyond me at this point...though I do think a coin might be involved.