It wouldn't save you nearly as much fuel as you'd think. The majority of the delta-V (fuel) to get something into orbit is for pushing it sideways, not pushing it up - you need about 8 km/s of sideways speed to get into even a low orbit, and that's where the the fuel is going. When you see balloons lifting cameras (or people) out of the atmosphere, they're going to space, but
not to orbit - they fall straight back to Earth as soon as the rope is cut, even though they might be at the same altitude as the ISS which does not fall.
xkcd had a helpful explanation about the vertical/horizontal mistake that is often made when thinking about space travel: https://what-if.xkcd.com/58/