Yes, that's a set screw. It's a Allen head. Once you have the right size, insert it and tap it a few times with something to try to seat the wrench into the screw and also perhaps break it loose a little.

Ty jake do you think that this is a threaded spout AND someone put a set screw in it? i thot i saw the guy thread( turn) this spout on like 12 years ago.

No, I think it's a slide on (rubber o-rings that seal around the pipe) that he probably spun on to get it to move over the pipe.

Loosen the set screw (if you can) and then try twisting back and forth to remove it. Do that gently, copper pipe will be okay, but if it's PVC, that will be brittle and break if you aren't careful.

Worst case you are going to cut/peel this thing off. That metal isn't that thick that you couldn't take an oscillating saw with a metal blade and run it down both sides of the spout. That will also make it more clear how it comes off.

Try the easy way though first.