Is securitization a debt?

Could you please clarify whether securitization should be considered a form of debt? On one hand, securitization involves the bundling of various assets, such as mortgages or credit card debts, into securities that can be sold to investors. This process allows the original holders of these debts to raise cash by transferring the risk associated with the debts to the investors who purchase the securities. However, on the other hand, securitization itself is not a debt but rather a means of financing or managing debt. The underlying assets that are securitized are debts, but the securities created through the securitization process are financial instruments that represent ownership of a pool of these debts. So, is securitization itself a debt, or is it more accurately described as a financing tool that involves the transfer of debt risk? I'd appreciate your thoughts on this matter.