No, ~ has nothing to do with interpreting the number as negative: tilde ~ operator interprets the number as a pattern of bits, which it then inverts (i.e. replaces zeros with ones and ones with zeros). In fact, if you apply ~ to an unsigned value, the result would remain positive.
Recall that 1 << k expression produces a pattern of all zeros and a single 1 at the position designated by k. This is a bit mask that can be used to force bit at position k to 1 by applying OR operation.
Now consider what happens when you apply ~ to it: all 0s would become 1s, and the only 1 would become zero. Hence, the result is a bit mask suitable for forcing a single bit to zero by applying AND operation.