Yes, Add(string, OleDbType) overload calls the Add(OleDbParameter) overload. That means they do the same thing under the hood.
public OleDbParameter Add(string parameterName, OleDbType oleDbType)
{
return Add(new OleDbParameter(parameterName, oleDbType));
}
https://referencesource.microsoft.com/#System.Data/fx/src/data/System/Data/OleDb/OleDbParameterCollection.cs,78
As Steve commented, most common way to use it (as far as I see) like;
command.Parameters.Add("name", OleDbType.VarChar).Value = "YourValue";
or if you know (of specify) your db column size (let's assume it is varchar(10)), you can add an integer as a third parameter like calling the Add(parameterName, oleDbType, size) overload;
command.Parameters.Add("name", OleDbType.VarChar, 10).Value = "YourValue";