Is the light of the saved in the Holy Qur’an meant literally?
It has nothing to do with the speed of light or travel through space. The light of the believers is very real, but it is the light of divine guidance. Whoever has it does not act blindly but walks his path in God's light.
The Holy Qur’an says that the light of the believers runs before them and on their right. Some have connected this with the speed of light. They believe the earth is doomed and that people will one day have to travel to other stars at the speed of light. Only those who manage this, they say, will be saved. That has nothing to do with the verse.
A look at the Ascension of the Holy Prophet Muhammad (saw) helps. No movement through space was needed for that experience. It took place within the heart of the Holy Prophet (saw), and there he found his Lord. That is why the verse above says his heart was not untrue to what he saw. Someone who has never had such an experience finds it hard to imagine. But it was not a journey at the speed of light.
Even so, the light of the believers is not a mere figure of speech. It is very real. Believers do not act rashly or rush ahead blindly. Whatever they do, they do in the light of the guidance they have received from God.
How bright this light is depends on how deep their bond is with their Lord, with the Holy Qur’an and with the example of the Holy Prophet (saw). This light walks ahead of them at every moment. They do not overtake it, and they do not rush into things they can neither see nor judge.
The hadith above shows that this light grows already here. Whoever walks to the mosque in dark nights is promised full light on the Day of Resurrection. The light in the hereafter is the fruit of the path a person walked in God's light during this life.