Board Thread:Questions and Answers/@comment-68.13.115.20-20130122032655/@comment-6055217-20130122082351

No. If you lose the bag the contents are lost with it. Test it yourself, go into a cheat world spawn two canvas bags and you can put one cobblestone in one bag and then look in the second and it is not there. It is simply a means of increasing your inventory space.

If you're looking for something with the static storage/secure when you fall helplessly into a pit of lava, the Ender Pouch may work for you. It's not any where nar the size of an Alchemy Bag but it does have the ability to keep the static storage area.