Roots that grow down into the reservoir grow to be tailored for that very wet environment and many people report they grow well there... but then there is plenty of root which is getting air.
I put my orchid pots in out cache pots which are decorative. The only problem S/H caused with that, is that if they resevoir is still right up to the drainage hole when you come to take it out to water again, it's easy to get water spilt everywhere as you take it out, not a problem over the sink but I used to try and water mine in-situ and get water everywhere