Are some nutes NOt water soluble?

I have this kinda crappy fertilizer I picked up at the HD, its 16-16-16 and its all granular, says its all purpose fertilizer.

Can I just dissolve some of this stuff in water and feed it to my plants? It doesnt say anything about dissolving it in water, just talks about like putting it around plants, I thought water would be a better way to get the nutes on the plants.

Some of it is binder...If you dissolve that and put it on your plants they will likely get burned to a crisp. They make water soluble stuff.