No, a butterfly is an insect; a butterfly vertebra is a specific type of vertebral malformation.
A butterfly vertebra is a developmental defect affecting the vertebral body. It's characterized by a sagittal cleft, meaning a split down the middle when viewed from the front or back. This occurs because the two lateral chondrification centers, which normally fuse to form the vertebral body during embryonic development, fail to unite properly. This results in a vertebra that resembles the shape of a butterfly's wings on an X-ray. This condition is also referred to as sagittal cleft vertebra or anterior rachischisis.
Therefore, confusing the two is understandable due to the similar name. However, they are completely unrelated.