Mostly, yeah. With hydroponics, what you're doing is growing
plants in an inert media (gravel, LECA stones, rock fibers spun like
wool, styrofoam peanuts, or whatever) and you're providing the
nutrients they need manually. Sometimes that's an ebb and flow
system (where a bucket of gravel gets flooded with a nutrient solution
periodically), and other times it's a drip system (where you drip the
solution on the inert media, and the plant either uses it all or the
system recycles excess, depending on design), and other times you'll
choose to mist the roots with the nutrient solution directly.
There are also more passive systems, where the solution is wicked into
the media, or is triggered based on wetness.
So your method works and is a good example hydroponic system, but there
are many other ways to go. The point, though, is that the plants
have 100% of what they need in the nutrient solution *and* in access to
air that the roots receive. You're basically trying to get the
plants to grow at 100% of their genetic potential by removing most of
the roadblocks.