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Notes -
From within the Austrian framework, I think this claim does not hold. I think what you are saying—and please correct me if I’m wrong—is that there may exist savings held (e.g.) in the form of dollar bills in a deposit box at a bank. These bills cannot be lent out as part of the bank’s operations, and hence the real wealth which they represent can never participate in the economy as “investment”.
However, an Austrian would say that those dollar bills are not savings in the sense of forming part of the supply of loanable funds. Savings-as-loanable-funds are a subset of savings-as-deferred-consumption; the former entails the assumption of some risk, while the latter (as in the case of bills in a deposit box) need not.
If you like, holding money qua money, rather than allowing it to be lent out for investment purposes, could be called “exercising demand for money” or less charitably, “hoarding money”, as distinguished from “saving”. An Austrian would say that such hoarding is economically no different from exercising demand in any other way (e.g., through consumption of real goods/services).
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