Yes, it does save gas. I did mine mid Feb this year when I did a few tests and realised I didn't need hot water that hot. So I set hot water to 45 degrees, that is , bowl of washing up is 45 degrees once I've filled it. I'm sticking with that. It works for me
Yes it's same idea/thing for the heating circuit with a caveat. 50 is too low for whole circuit heating with all your radiators as a good system is balanced to drop 15 to 20 degrees from output boiler to coming back in at the end of the loop. If you set 50 for main output on a full circuit then the last radiators in the loop are not going do anything as the temp is going to be about 35 on the water inside at that point. For for full circuit you may want to up it by 10 degrees. I have mine set 58-61 , so the manual says. However , it works fine at 50 if you just interested in having one or 2 rads on as the internal temp drop will not be much so will get heating from both.
Don't forget preheat. I usually use this feature Nov to Mar but will not be doing so this autumn/ winter. When gas was ok, it was 8p a day for my preheat so was happy having that for the benefit. Now its likely to be 32p a day , so I will scrap that use and just run the tap until it gives out warm.