No, it reads a word from the address contained in $t1
. Here's a commented version of the code:
Loop:
sll $t1, $s3, 2 # $t1 = i * sizeof(int)
add $t1, $t1, $s6 # $t1 += save (== &save[i])
lw $t0, 0($t1) # $t0 = *(&save[i]) (== save[i])
bne $t0,$s5, Exit # if (save[i] != k) goto Exit
addi $s3, $s3, 1 # i += 1
j Loop # repeat