You may think that the fourth game of the preseason doesn't mean anything, but Bailey has earned his roster spot on the basis of that game. Bailey made the tackle in kick coverage on three different kicks in that game, which helped earn him a spot on the practice squad, and also ensured he was the first option when the Steelers needed a fill-in special teamer.
For Russell hopefully this will be a two-day vacation. If Woods is healthy enough to play next week it wouldn't be surprising to see the Steelers waive Bailey to pick Russell back up next week, but for that to happen, Russell will have to not be picked up by someone else. It's a pretty safe gamble, as there aren't many teams struggling at running back enough to shake up the roster a day before a game to add a fourth-stringer who's yet to be active this year.