Well, not necessarily. As far as I know, the format was developed specifically for sound cards (remember Sound Blaster?). Most people probably use VST or other plug-in instruments to load soundfont files today.
I think the point of the question is whether you prefer to play soundfonts on hardware or inside a plug-in, no?
I don’t know of any sequencers that can directly access a sound card’s soundfont player, send MIDI to it and receive audio from it.
Personally, I never use soundfonts anymore…