that bolt just disarms it. There are 4 small nuts that hold the actual bag assembly in - they come through the back of the steering wheel. But the bag will not go off if you have the arming screw backed out. The arming screw has a mushroom tip on it, with a plastic bar clipped through the narrow part of the shank that covers the top two airbag mounting nuts so you can't try to remove the airbag without disarming it. That's why it won't actually unscrew all the way.
If I was still wheelin' my 96 I would probably just back the arming bolt out, the bag is harmless at that point and it takes 30 seconds to screw the bolt back in when you get to the pavement. ALWAYS unscrew and retighten the arming bolt from outside the vehicle with your arms through the window (that's what Chrysler suggests, anyways.)