Yup. What's strange is that it doesn't appear that Capcom was short cutting the Dreamcast version in this respect because if such was the case we wouldn't also be seeing this on Double Upper (PSP) Alpha 3/Alpha 3 upper (Anthology).
It seems like a simple extra for Saturn owners, which is pretty cool.
I wanted to make sure this statement was accurate, so I went back to cross check. What I found was rather interesting! Alpha 3 Upper on "Anthology" DOES in fact have the unique Hawk retreat animation, once thought to be exclusive for Saturn, but I was right in that Zero 3 Dbl. Upper (Alpha 3Max) on PSP (the most content complete version) does not, just like on Dreamcast.
Once again keep in mind that Capcom was still not technically shortcutting or removing animation on the Dreamcast considering Zero3 upper on both Saturn and Naomi came out after the Dreamcast version.
This is Quite interesting! Now the real question is wether the Naomi version has this retreat animation... and if its also on the GBA version...
just kidding on the latter