It would be a nicer workflow for me if there was an "extract bit 1" block, "extract bit 2," etc. so I could put my byte on one 8-bit bus and then extract each bit right next to the chip that needs it instead of routing all 8 wires.
OUT will be high if IN has all the bits in SELECT on, but doesn't care additional bits from IN - out will be low if SELECT is 0 or if any of the bits in SELECT are missing from IN.