Is Raydium an AMM?

Could you elaborate on whether Raydium falls into the category of Automated Market Maker (AMM)? I'm curious to understand if its functionality and operation align with the defining characteristics of AMMs, such as facilitating the exchange of assets through a liquidity pool without the need for traditional order books. If so, how does Raydium specifically implement this model? And if not, what sets it apart from other AMMs? Clarifying this distinction would help me better grasp the role and purpose of Raydium in the cryptocurrency and decentralized finance ecosystem.