[futures.overview] says:

The enum type launch is a bitmask type (17.5.2.1.3) with launch::async and launch::deferred denoting individual bits.

In Clause 17 [bitmask.types] defines the term "bitmask element" for values that denote individual bits. We should use that term.

[futures.async] says:

• if policy & launch::async is non-zero [...]
• if policy & launch::deferred is non-zero

[bitmask.types] defines terms for that, we could say "if launch::async is set in policy" and "if launch::deferred is set in policy".