That's not a reactance modulator, at least by any description I've heard -- which however is another (active) circuit that can be used for the purpose.
A reactance modulator effectively uses a transconductance amplifier (usually a pentode, or cascoded transistors), wired as a gyrator (a resistor from output to input, and a capacitor from input to ground, usually supplied by the device's input capacitance) to provide reactance, then varying device bias to vary gain and therefore the pulling effect.
AFAIK, the most common application was directly modulating the VFO (for FM), or a subsequent tuning coil (for NBFM or PM).
Tim