Generally speaking, yes, but not always in casual English.
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AnonymousAm I correct in understanding that 'bit' refers to a small amount of a solid material and 'drop' to a liquid?Context is all-important, but your distinction seems valid in most cases. A 'bit" is also more likely to be used with abstract nouns.
AnonymousAm I correct in understanding that 'bit' refers to a small amount of a solid materialIt certainly can. a bit, a pinch, a speck, a fleck, a dab, a smidgen, a particle
Anonymousand 'drop' to a liquid?Yes. a drop, a droplet, a dribble