That doesn't really save memory, but it's a good observation. If alpha is the "coverage" of a pixel, then 1-alpha is the "stuff that is let through".
However, it doesn't realistically save any work, especially given that the world has standardised on alpha, not 1-alpha. I'm also not of the opinion that just because something is a little shorter, that makes it nicer to read. It's possible to make code so concise that the intent is lost.