No, as far as I'm aware, that is not true.
Java fern can reproduce by a growing rhizome which sends up new petioles and leaves and adventitious plantlets that form on the underside of leaves. I have what appear to be small plantlets forming in the hanging root masses of my javas....I read in one place that this could be another (less documented) reproductive strategy, but I'm not sure if they are somehow very minute babies that somehow broke off and got caught in the roots. I kind of doubt that, however.
Perhaps what you are referring to, Captain, is the fact that it is often the older, longer leaves that send out the most adventitious plantlets (at least that is what I have read *shrug*)....and they soon die from "old age"....perhaps making someone think it was the water itself that led to the death of the leaf.