It's basically a programmable PWM chip, with 10 mA source/25 mA sink capabilities per channel.
So indeed it could be used to control LEDs, but it's limited to one LED per channel. For anything more than that (like an LED strip) you have to add an external power driver to it.
Note that the description in your link (clickable makes it a lot easier to follow) calls it an "LED Controller" rather than "LED driver".