Yes and no, but mostly no, for a couple of reasons.
There's a big difference between | (bitwise) and || (logical): With a bitwise |, both operands are always evaluated. (I don't think there's any guarantee about which is evaluated first, either; at least, I'm not immediately seeing one in JLS§15.22.2, but perhaps there's a guarantee elsewhere.) With a logical ||, the left-hand operand is evaluated first, and then the right-hand is evaluated only if the left-hand result was false.
This can matter if you're doing something defensive, such as:
boolean flag = obj == null || obj.flag;
That would fail if we used | instead of ||, when obj was null; we'd get a NullPointerException.
Separately, there's the issue that others have to read and work with your code, and using | where || is normally used would be surprising. But that's a matter of style.