It's not entirely clear whether or not the Catch reduces the feeding dependency hit. However, I would rule that it does not, and feel that the following support this interpretation:
1) The example given in Feeding Dependency is "For example, if you used Inhuman Strength and Inhuman Toughness in the scene, that’s a total of 4 refresh". It doesn't even consider what the Catch for that Toughness power is.
2) How would you handle a case in which you have, say, Inhuman Toughness, Inhuman Recovery, and a +3 Catch attached to the two? If you only use Toughness, do you take a 1 point hit or a 0 point hit? Or if I have Supernatural or Mythic Toughness, but voluntarily downgrade it to below the Catch value?
3) Powers in the book seem to always be referred to as Power [-?], even when simply mentioning the power. This implies that the power and the value are associated.
I did find a good counter-argument, by the way. It seems that every other [+?] power in the game uses words like "you regain ? refresh". The Catch, uniquely, uses words like "discount on the total cost" and "reduce the total cost".