Is balancer an AMM?

Could you please clarify if Balancer is indeed considered an Automated Market Maker (AMM) in the cryptocurrency space? AMMs are often known for their decentralized nature and their ability to facilitate trades without the need for traditional order books. Given Balancer's reputation for offering advanced portfolio management and liquidity features, does it indeed operate as an AMM, or is there a specific aspect of its functionality that distinguishes it from other AMMs in the market? Understanding the exact nature of its operation would be highly valuable for those looking to utilize its services.