It doesn't actually use save states unless the developer supports saving their state (just like with iOS3 and earlier). Fast switching allows apps to remain in RAM, but suspended. You don't get CPU cycles unless you sign up for one of the handful of APIs that allow it (task completion, background audio, VOIP, or GPS).
You will notice that when an app is cleared from RAM, it has to relaunch from scratch. If it is still in RAM, then it doesn't. TomTom is one app that shows this pretty clearly because it has a long load time, so does Angry Birds.
It's not using save states in these cases, because if it did, it would work no matter if the process was purged from RAM or not. Really, it all depends on your definition of running. The process exists, it is in RAM, but the app's threads are all paused preventing it from consuming battery.