Yes, Renoise works well for most genres imo, including orchestral. If you are recording the instruments live it might be tricky, since Renoise does not have the easy visual feedback for long recordings that other DAWs have. However, if you are using MIDI then it will work just fine.
Counterpoint can be difficult to follow at first without the visualization of a piano roll, but there are some piano roll tools if you would really prefer the visualization. On the other hand, once you get used to reading the tracker notes in the pattern view, it can be very nice to edit everything in one spot, rather than jumping in between patterns like with many other DAWs.
This thread has some other information on Renoise users making orchestral music: Who's doing orchestral music with Renoise?