Yes, a three-dimensional vector is a combination of a 3D orientation and a magnitude. An orientation by itself doesn't have three dimensions. The surface of a sphere is a two-dimensional space.
> Only if you’re describing orientation as two orthogonal rotations.
No, the space has the dimensionality it has. You may choose to describe a 3D orientation with more than two numbers, but you won't stop it from being a two-dimensional quantity that way. If you use more than two numbers, those numbers will fail to be independent of each other.