yes - the water would have an saturation limit that it will reach. but, if you replace the water and waste with each solution change, you'll have to get up to concentration again. however, with
DIY, you're kinda already dealing with a pretty low co2 concentration. i'd want as much as possible to get in the tank as opposed to going to waste.
whereas i'm not saying it's bad or wrong to use water in the catch bottle, i personally would not because i would want as much co2 as possible to reach the tank.