"Low-nitrogen fertilizer" isn't a scientific term. My observation has been people usually use it to refer to a fertilizer with a lower N percentage than other fertilizers.
The numbers were formulated based on studies of element composition in dried plant material, with the guess that supplying elements in those proportions would lead to good plant growth. I don't know whether that's been studied enough to say it's true.
As Ray mentioned, how the fertilizer is diluted has more to do with the N concentration.
And backing up - fertilizer is the least important aspect of orchid culture. Pay more attention to proper temperatures, humidity and light.
I will throw another idea in here - many commercial growers use much more nitrogen when fertilizing than standard recommendations suggest. Plants in ideal growing conditions will grow faster than plants in suboptimal growing conditions, like in most homes. It stands to reason they could use more nitrogen.
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