The equation $x^2+y=0$ can hold only when $y\le 0$. So, ignoring $x$ we have only the Southern hemisphere in $y,s,t$ space. But for every $y<0$, there are two $x$ values, so we actually have two copies of Southern hemisphere that are joined at the equator $y=0$. This does look like a sphere, right?
Perhaps the picture becomes clearer if we replace $y$ with $y=-x^2$ and get
$$F^{-1}(\{0,1\})=\{ (x,-x^2,s,t) \in \mathbb{R}^4: x^4+s^2+t^2=1 \}$$
The projection $(x,-x^2,s,t)\to (x,0,s,t)$ is a diffeomorphism, the image of which is an ellipsoid-looking surface $x^4+s^2+t^2=1$ in $\mathbb R^3$. This surface is (a) smooth; (b) homeomorphic to $S^2$.
An explicit diffeomorphism onto $S^2$ is given by radial projection:
$$(x,s,t)\mapsto \frac{(x,s,t)}{\sqrt{x^2+s^2+t^2}}$$