Yes, devorah is Hebrew for bee. It's also the name of two great women mentioned in the Torah. The first was the nursemaid of our matriarch Rebecca. The most famous Devorah, however, was Devorah the Prophetess, who judged and taught the Jewish nation for forty years (1107-1067 BCE). You can read more about Devorah here.
What is so special about a bee that these great women should be named after it? The Midrash1 says the Jewish people and the Torah are compared to bees in several ways; among them:
1) Just as bees swarm behind a leader,2 so too are the Jews led by the sages and prophets;
2) Just as the sting of the bee is bitterly painful yet its honey sweet, so too the Torah punishes those who disobey it, while granting sweet life to those who follow it;
3) Just as the nature of a bee is to collect pollen and nectar for others3, so do the Jews toil collecting Torah and mitzvot not for our own benefit but to give pleasure to our Father in heaven.
Nevertheless, writes the Maharsha, the fact that Devorah is also the name of an insect is also a reminder to its bearer to always remain humble.4
