*In general*, especially on young plants, if an old growth has started putting out a new growth without flowering first, the odds that that old growth is still going to spike are pretty slim.
With Cattleyas, it just depends, and there's always the odd variation. For the most part, on young plants with few dormant eyes on the rhizome--at least with the Catt hybrids I grow here, (notice all the qualifications--you can't make statements like this and have them apply for everything) if an old growth has put out a sheath but no buds, and one of the eyes at its base has started to develop, the chances that the old growth will still bloom are also pretty slim. But there are always variations on the theme, so don't give up hope. Healthy, well-grown plants have plenty of energy stores to do both--develop buds and new growth at the same time. Plus, a plant's genetics also play a big part in determining whether that can happen. Some Catts do both as a matter of course.