unfortunately my topology is too abysmal for me to decide if what you're saying makes sense :(
but anyway -- i think of GRR as just a relative version of Riemann-Roch (taking Y to be a point recovers Hirzebruch-Riemann-Roch). this 'makes sense', except one might wonder what does a 'relative version of Riemann-Roch' mean ---
so maybe it's worth staring at Hirzebruch Riemann-Roch for a second. tl;dr - it says that the holomorphic euler characteristic of a vector bundle can essentially be computed by integrating some chern classes of the vector bundle (and the todd class, which is data from …