#No
No
The feature only lets you cast spells without
material components that lack a gold cost
The diamond required for chromatic orb still has a cost, even if it isn't consumed.
However, that doesn't mean the material component part of the feature doesn't do anything. If you are casting a spell with a material component you would need a hand free to interact with that item. Typically this would be done with the same hand providing the somatic component and holding a focus or reaching into a component pouch.
