It might seem logical but true, at least not for orchids in my opinion.
I have seen these comparison photos where plants that grow their roots in the soil are grown in two different conditions. One with frequent watering and one on the slightly drier side. The one grown with more frequent watering indeed had much less developed root system.
Here is the problem. I'm not sure if the less developed root system is due to ample water available at all time and thus the plant decides to spend less energy invested on growing a larger root system, or is it because lack of available air that harm the proper root growth?
I raise this question because I have seen how the Dutch farmers grow plants (conventional soil crops like tomatoes and lots of other garden crops). All the roots are in water but massive root system!! They do pump lots of oxygen in the water for the plants and I wonder that is why?
The larger the root system (even under ample water availability), the more water and nutrient a plant can uptake and use towards growing bigger. So, this seems like a logical thing at first, but the more think about it, the more problem there is with this line of reasoning.
By the way, the Dutch still grow their orhids like Phalaenopsis in bark mix. I don't think that's necessarily because they can't grow them in water, but they have to sell them as potted flowering plant. It's much easier to transport and such.
The ones grown in water are usually edibles like berries and leafy vegetables and flowers harvested for cut flower trade where they don't have to transport the entire plant.