The Saab looks great! Nice car.
As far as the wheel speed sensor (P0501), it is mounted on the steering knuckle. I'm not sure what you circled, but that isn't a WSS.
Take a look at pic 1 below. I highlighted where to look. Also, the code is specific to the right side front (passenger side).
The remaining pics are the directions for the removal and replacement of the sensor. It's only one bolt that holds it in place. Also, the last two pics are for testing it.
Let me know if this helps.
See pics below.
Images (Click to enlarge)
Tuesday, July 20th, 2021 AT 9:11 PM