Not if all the liquid is absorbed. I cook rice like this on the stove all the time, and it's really tasty. Works well with various grains, pltho probably pearl barley is a favourite - cooked with good stock, it reminds me of risotto.

If between rice and water, you replace the rice with chicken broth, I'm pretty sure you don't get to cook much rice...

If all of it is absorbed, then it’s a risotto ( you just need onions and white wine as well…)

All absorbed? That's a pilaf, or a terrible risotto.