I have heard of this idea of holding the hose horizontal before, and played around with it once.
Theoretically, if your only source of buoyancy were your BC, then if you are neutral, and you open the valve, and hold the hose roughly horizontal, then as the air in the BC expands, the excess will trickle out. This would keep the volume of air in the BC constant, and your buoyancy neutral. This does not depend on keeping the hose exactly horizontal, but tipped a bit downward, to the point where the bubbles are just on the verge of trickling out.
But here is what really happened: I tried it wearing a 7 mm wetsuit. So as I ascended the air slowly trickled out of the BC, as expected. BUT, the wetsuit was also expanding, increasing my buoyancy. So in fact, I had to vent additional air to stay neutral through the ascent. I could do this by tipping the hose up a bit more vertically.
So it is more like a throttle: you tip the hose down to get a bit more buoyant as you ascend, and tip the hose up to get less buoyant as you ascend. But really, this is a pain; it is easier to just vent little puffs of air as you ascend to stay neutral.