Does this action (no reservoir with Hydroton) have a name.
That is pretty much the same as mounting the plant. Except that the roots are enveloped by the mounting medium, instead of the other way around.
Cattleyas do well in those conditions assuming you have proper humidity in the growing area.
Just make sure to give the plant a serious drenching and let the roots dry out in between.

Check out this article for additional reference:
Orchid Culture