You can try to insert this code in snippets/price.liquid if you are using dawn theme line 126 then it will show like save 11% for me with background
<span style="background-color:red;color:#FFF">
{% if compare_at_price > price %}
{% assign compare_at_price_float = compare_at_price | divided_by: 100.0 %}
{% assign price_float = price | divided_by: 100.0 %}
{% assign price_difference = compare_at_price_float | minus: price_float %}
{% assign discount_percentage = price_difference | divided_by: compare_at_price_float | times: 100.0 %}
<p>Save {{ discount_percentage | round }}%</p> <!-- Prints the rounded percentage saved -->
{% endif %}
</span>
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