25362,
If I'm understanding your question correctly, from my experience, a control valve will be indicated with a fail position as either FC (fail closed) or FO (fail open) notation on a P&ID. The valve would be expected to go to the fail position upon loss of air to the actuator.
The information from ISA standard S5.1 is consistent with this but maybe one of the instrument engineers can comment.
From ISA S5.1, Section 6.7, Symbols for actuator action in event of actuator power failure....
The failure modes indicated are those commonly defined by the term "shelf-position".
So an air-to-open valve would be indicated as FC, air-to-close valve would be indicated as FO.