Not exactly.

In Jain tradition, Bahubali is celebrated as a महान तपस्वी and an early Digambara-ideal figure because he is shown in complete detachment and non-possession. But calling him the “first Digambara” is not strictly correct.

A clearer way to say it is:

• Bahubali is one of the earliest and most revered Digambara exemplars.
• He is not usually described as the first Digambara in a strict historical sense.
• The Digambara tradition itself is connected with the Jain path of complete renunciation, and Bahubali represents that ideal beautifully.

So, Bahubali is a very important Digambara icon, but not commonly titled the first Digambara.