Is readline essentially a user mode line discipline?

The TTY terminal driver uses a line discipline to provide features like: line buffering of input, echoing of input to the terminal display, control character translation, etc. The bash shell uses the readline function for its input, and my understanding is that readline puts the terminal in raw mode, which disables the line discipline. So, does readline take over the line discipline's role in providing the features above, and is it fair to say that it's a user mode line discipline?