Bread in the toaster with mold - can it still be saved?

Throwing the bread away is the only safe option here. Mold penetrates deeper into porous foods than you can see - even if you only spot white or green coating in one place, the spores are already spread throughout the entire bread. This isn't like hard cheese where you can just cut off the affected part.

Toasting makes it even more problematic, because while the heat makes the outside of the bread crispy, it doesn't penetrate evenly everywhere. The mold spores can still spread there and you end up eating them anyway. Stomach problems are the lesser concern - some molds also produce toxins that aren't good for your body.

If you notice that bread gets moldy quickly, it's better to store it somewhere cool and dry, or freeze it if you want to keep it longer. At my place, it's always surprising how fast especially darker breads can start molding.