No, Disney Lightning Lane is for Disney World’s 4 main parks only.
Practically, it won’t work in its current form because it will require you to carry your phone around the water park.
The capacity of attractions in Disney’s water parks is far lower than that of their theme parks. The return on the significant investment Disney would have to make to bring Lightning Lane to their water parks means we probably won’t see Lightning Lane ported to their water parks any time soon.