Is it possible for the component/s field to be set to a single value for e.g. bugs alone using Jira Cloud? If not, is there a way to add a custom field which mimics the benefits of the default component/s field, which can then be associated to bugs?
I'm afraid not. On server versions, there's a minor tweak you can make to the template that makes the field single-select. On cloud, you don't have access to the templates.
You could stop using components and swap to a single-select, but you will lose component lead functionality, the ability for the project admins to maintain the component list, and none of the built-in reporting can be swapped over to report on it.
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