Yes, but it really isn't the best way to do things.
Waiting for water to get all the way to the top takes hours, by which time the soil is terribly saturated, something cannabis does not like.
Watering from the top down is the best and "normal" way of doing things, besides, lifting your pot and plant once it gets larger can prove difficult if you have height/space issues.
Standing a pot in water is only needed if the soil has dried out so much that it has become "hydro-phobic" and normal watering does not work due to the water running straight through the pot without being absorbed.
Leaving pots in standing water is also something to be avoided, so knowing how much water to put in the container so that it is all absorbed and there is no left over water, is a really difficult guessing game.
Hope this helps,..........
Organoman.