No. The bundle discount is always calculated from the product's current selling price. There is no setting that makes the app charge a discount off the compare-at price instead.
What you can change is the figure shoppers see. One setting makes the widget present the saving measured against the compare-at price, while the money taken off at the cart and at checkout still comes from the selling price.
Display discount to customers from Compare-at price
Find it on the Advanced tab, in the Advanced settings card. It is available on every bundle structure, always, and it is never locked.
Tick it when your products carry a compare-at price and you want the saving shoppers see measured against that higher figure. Shoppers then see a larger stated saving. The discount itself is still calculated from the product's actual price, so the amount they pay does not change.
What this does not change
The discount applied in the cart and at checkout is computed from the selling price whether this setting is on or off. Turning it on affects presentation only.
That means the percentage a shopper reads in the widget and the percentage the cart actually takes off can differ, on purpose, when your products are marked down.
Two related compare-at controls on a bundle with its own product
Hide compare at price sits on the Bundle type card, among the product-page settings rather than on the Bundle information card, and appears when the bundle creates its own Shopify product. It is never locked and can be toggled at any time.
Ticking it sends the bundle product's variants to Shopify with no compare-at price at all, so the shopper sees only the bundle price, with no crossed-out amount beside it.
If you toggle this setting and the product page does not behave the way you expect, note exactly what you see and contact support — mention that you changed "Hide compare at price" and describe what the product page shows.
The Compare at price column in the Bundle components grid is always shown and always read-only. That grid is rendered for Shopify bundles only; Physical bundles get their variants from the backend price calculation instead, with no per-combination grid.
The value in that column is the sum of the components' prices, or of their compare-at prices when "Display discount to customers from Compare-at price" is on. It is there for checking, not for editing — change it by changing the discount configuration or the component products. Price in the same grid is read-only for the same reason.
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