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I think some of the hole saws that come with the mandrel attached, are not removable, ,my son has bought some that come that way, I have not looked close to see if the mandrel is removable or not, but since there were only about $1 more than the other hole saws he went that route.
Push sticks/blocks Save Fingers
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My mandrel looks like the one BHD has pictured. I've backed off the thumbwheel and loosened the set screw and tried to back the saw off the mandrel without success. I will try a tighter grip and more leverage.
If you're mandrel looks like the one BHD posted, you should only have to pull the knurled ring out, and not loosen the set screw. The set screw is to hold the drill bit in and does not affect changing the hole saw. If you have pulled out the knurled ring and can't unscrew the hole saw, maybe clamp the hex shaped end in a vise (not too tightly), insert a flat blade screwdriver through the chip removal slot with the end of the screwdriver on the drill bit and gently try to loosen the hole saw. It's worked for me plenty of times. Good Luck, David.
Very good advise there. Wrapping the hex shank of the arbor/mandrel with a rag before gripping it in vise jaws helps protect it. If the screwdriver doesn't bust it loose, a large pair of tongue & groove <aka> Channellock pliers should.