Yes, that is one of the changes that will benefit some families. No untaxed income that isn’t on a tax return will be collected on the FAFSA. With some exceptions, families who get Pell grants are typically not in a position to contribute much to pre-tax retirement accounts (they have to use their earnings to meet immediate needs) - so this doesn’t have a lot of impact on federal aid. It can positively impact families for institutional aid (and I think it’s possible that CSS Profile schools will collect & consider this among other untaxed income when awarding their aid … but who knows yet).
Neither the EFC nor the SAI in the example above is Pell eligible. And I would bet that a family of 4 earning $95,000 saving $20,000 in pre-tax 401k contributions is pretty darn rare.