Yes, I think so. It drips down onto the plant, sometimes hitting the leaves, and sometimes going on the roots. Just because orchids are bigtime foliar feeders, I figured this was better. Most of my sachets are at least a foot or so above the plant, so the drips will often land and splash around a little bit, too.
I use Osmocote in my veggie garden, but not for the orchids. Dynamite in the green container (at Lowe's or HD) is an 18-6-8 formula that says it's specially for Florida.
The regular weekly foliar spray is the 14-0-43 plus magnesium. Don't forget the magnesium! Plain old Epsom salts from the drugstore works fine.