I’ve never actually heard this distinction in Orthodoxy, I’ve never heard of someone saying the novus ordo is invalid but the traditional rites are valid
the debate as far as I understand it is if you can actually have sacraments or sacramental grace outside the Church to begin with. in my experience, those who say no usually say no, just across-the-board.
and to preempt the possible question of whether this belief is donatism, I don’t think so because from what I understand donatism is denying that unworthy ministers IN the church have valid sacraments. The sacraments of schismatics (which from the EO perspective would be the papacy in general whether novus ordo, sede, or whatever in between grade), would be a separate question
tbh I don’t have a huge dog in the fight myself; im more than willing to admit I just don’t know; but I’ve seen people with very strong opinions on both sides
Aquinas distinguishes between "the character" of certain Sacraments (baptism, confirmation, holy orders) and "the grace" of those Sacraments. Schismatics, apostates and heretics retain "the character" and can pass on "the character" to others using the proper Rites. But those "outside the Church" will not benefit from the "the grace" conferred with "the character" of those Sacraments. However, if they later repent, the grace will revive in them because they already have the indelible "character."
Similarly, since sacramental grace of the Eucharist will not flow to those in a state of mortal sin, those who have knowingly left the True Church (heretics, apostates, schismatics properly understood) will also not receive the grace from the Eucharist, even though the confection of the Eucharist may be valid, assuming proper form, matter, intention and minister.