I don't think that's what Sifsei Chachamim means. Rashi is based off the gemara in Chagiga 16a which states shades are similar to angels in three ways and to humans in three ways.
ששה דברים נאמרו בשדים שלשה כמלאכי השרת ושלשה כבני אדם שלשה כמלאכי השרת יש להם כנפים כמלאכי השרת וטסים כמלאכי השרת ויודעין מה שעתיד לבא כמלאכי השרת יודעין סלקא דעתך אלא אימא שומעין מה שעתיד להיות שלשה כבני אדם אוכלין ושותין כבני אדם פרין ורבין כבני אדם ומתים כבני אדם
So they are not completely flesh, nor are they completely spiritual.
So, since they are somewhat flesh like, they would have died in the flood. But, to whatever degree they are not flesh like, they would not have been included in the general description of 'from all the flesh', and the Torah had to use the description 'from all that lives', to include the shades.
As to why save them, first answer why Hashem would why save any of the carnivores and destructive creatures (man included, see there 8:21), and apply that to shades.