The word “savior” is one of the many words that is used of both God and His Son, Jesus, and others as well. For example, Othniel, who judged Israel, is called a “savior” (Judg. 3:9), and so is Ehud (Judg. 3:15). But God is the ultimate savior, and all the others who are called “savior” derive their calling and ability from Him.
There are Trinitarians who believe that because this verse calls God “Savior,” and Jesus is also called “Savior,” Jesus must be God in the flesh. However, that belief is not correct. There are many references to God the Father being called “Savior.” That makes perfect sense because He is the author of the plan of salvation and is also very active in our salvation. For example, God, the Father, is called “Savior” in Isaiah 43:11; 1 Timothy 1:1; 2:3; 4:10; Titus 3:4; Jude 25. In contrast, Jesus Christ is called “Savior” because he is the agent who carried out God’s plan, and without whom it could not have come to pass.
The term “savior” is used of many people in the Bible. This is hard to see in the English versions because when the word “savior” is used of people, the translators almost always translated it as “deliverer.” This in and of itself shows that modern translators have a Trinitarian bias. The only reason to translate a word as “Savior” when it applies to God or Christ, but as “deliverer” when it applies to men, is to make the term seem unique to God and Jesus when in fact it is not.