"Does "8 bit quantities" mean '8 digit quantities'?"
digit == numerals 0 to 9 in the decimal system.
bit = digits 0 or 1 in the binary system.
Although the binary "bit" is a subset of the decimal digit, strictly speaking "8 bit quantities" are not "8 digit quantities", because the two terms refer to two different numeral systems. Here is a random 8 bit quantity (0111 1010) and an 8 digit quantity(21,364,759).
The range of integers represented by 8 bits can be 0 (0000 0000) to 255 (1111 1111) for unsigned integers, or from -128( 1000 0000) to 127(0111 1111) for signed integers.