Typically, orcinol is used for quantitation of carbohydrates, with pentoses and hexoses giving different colors. So, if you are trying to measure RNA in the presence of other pentose-containing carbohydrates, I would say it's probably not very specific.
A modified orcinol test for the specific determination of RNA has been described (Almog and Shirley, 1978). The essential differences between this method and other methods are as follows:
Preincubation of the samples with H2SO4 before addition of the orcinol reagent;
Decreased concentration of orcinol;
No addition of FeCl3.6H2O;
and quantitation of RNA at its maximum absorbance at 500 nm, where interferences from DNA and proteins are minimal.
Reference
Almog, R., & Shirey, T. L. (1978). A modified orcinol test for the specific determination of RNA. Analytical biochemistry, 91(1), 130-137.