No, it is precisely acting as a substitute for an actual lector. Lector is an instituted ministry, just as acolyte is. Some of the functions of the lector can be delegated to other lay persons, which we then, not so accurately, call lectors thus causing the confusion of terms we seen now
The GIRM states
99. The lector is instituted to proclaim the readings from Sacred Scripture, with the exception of the Gospel. He may also announce the intentions for the Universal Prayer and, in the absence of a psalmist, recite the Psalm between the readings.
In the celebration of the Eucharist, the lector has his own proper function (cf. nos. 194-198), which he himself must carry out.
101. In the absence of an instituted lector, other lay people may be deputed to proclaim the readings from Sacred Scripture, people who are truly suited to carrying out this function and carefully prepared, so that by their hearing the readings from the sacred texts the faithful may conceive in their hearts a sweet and living affection for Sacred Scripture.
194. In the procession to the altar, in the absence of a Deacon, the reader, wearing approved attire, may carry the Book of the Gospels, slightly elevated. In that case, the reader walks in front of the Priest but otherwise walks along with the other ministers.
195. Upon reaching the altar, the reader makes a profound bow with the others. If he is carrying the Book of the Gospels, he approaches the altar and places the Book of the Gospels upon it. Then the reader takes his own place in the sanctuary with the other ministers.
The Liturgy of the Word
196. The reader reads from the ambo the readings that precede the Gospel. In the absence of a psalmist, the reader may also proclaim the Responsorial Psalm after the First Reading.
197. In the absence of a Deacon, the reader, after the introduction by the Priest, may announce the intentions of the Universal Prayer from the ambo.
198. If there is no singing at the Entrance or at Communion and the antiphons given in the Missal are not recited by the faithful, the reader may read them at an appropriate time (cf. nos. 48, 87).
(note in the latin the word for lector and reader is the same. In general, in official documents in English, lector refers to the instituted ministry, available only to men, and reader refers to what you are doing. So I would presume the choice of translation here is interpretative)
It could be argued that only those functions explicitly mentioned in 101 can be given a lay reader. Just as an altar boy is not an extraordinary minister of communion (merely by being an altar boy), but an acolyte is and similarily for other functions