Some people who utilize slow-release organic fertilizers do what you describe. They remove the mulch from under the
plant, they water, they apply fertilizer, water again and finally, they re-apply mulch. The reason is that organic fertilizers need bacteria to break them down and, being under the mulch, in a moist environment, would decompose the fertilizer faster than by just throwing it on top of the mulch.
Besides, some organic meals tend to pile up and form a 'cake' if thrown on top of mulch that does not get watered often. Like in the case of drip irrigation users. For example, drip irrigation users who grow lots of
roses and who fertilize with organic ammendments, would probably benefit from this procedure since those shrubs are heavy feeders and drip irrigation does not water the mulch.
I tried this method before. One plus was that it was easy to notice when mulch had decomposed & when more mulch was needed. A big minus was that it has too many steps and it took a long time to do. My solution was to modify the process to do the same step on all bushes in the house, then do the next step on all the bushes and so forth until done.
But really, as long as you provide the amount of fertilizer needed by the
plant, with either method you should be fine. Just remember to water, fertilize and then water again.
Luis