Why not? There is an external IDE (SLIME in GNU Emacs) which interacts with a language server to get information about syntax highlighting, completion, documentation, source locations, ...
The idea of an 'inferior Lisp' connected to a GNU Emacs has a long tradition. Usually one did communicate with a Lisp as a process on the same machine. That was long before SLIME. Popular were ILISP (1990) or ELI (for Allegro CL).
The purpose is a more general, providing evaluation/compilation, backtraces, inspectors, browsers, etc.
Yes, there are a handful of Geiser implementations, but they vary differ in how feature-complete they are. Guile's implementation is the best supported and it's pretty great, but with Chez or MIT you'll have a trickier time.