It is a source. According to the Genealogical Proof Standard, no single source like this serves as proof. You correlate it with other information to prove conclusions. The data must be analyzed for reliability as part of this process.
The informant of a record determines whether it is primary or secondary information, and all other things being equal, primary information is assumed to be more reliable. Secondary means it came from someone without first-hand knowledge of the event. A death certificate for a baby often has a parent as the informant for the birth and death information. But if the deceased is 100 years old, it is almost certain the informant wasn’t present at the birth and so only knows the information from another source. If you don’t know this source, then the birth information should be considered less reliable. If the deceased is somewhere in between, say a 20 year old, then it’s hard to say. Reliability depends on who the informant was, and often we just don’t know if they were around for the birth.