No, the v does stand for velocity which is a vector
the reason energy and in this case KE, isnt a vector is because of the v^2
suppose v = 2, then v^2 = 4
but if v = -2, then also v^2 = 4
so the direction of the velocity does not matter as the ^2 always makes it positive, so it almost nullifies the direction its in.
While solving for KE and typing it in your calculator you can just ignore the negative sign if the velocity is negative, but keep in mind that the only reason you can do this is because of the ^2
while writing working out in your exam, I would always put the negative to show the examiner that I know the velocity is in the opposite direction.
If an equation for something = scalar * vector^2, then that something will always be a scalar