Neither, More like CM.
From the data sheet
When a logic ‘1’ is present on the DATA line and the PDN line is high, then the
Power Amplifier (PA) will be activated and the carrier frequency will be sent to
the antenna port. When a logic ‘0’ is present on the DATA line or the PDN line is
low, the PA is deactivated and the carrier is fully suppressed.
So, the only thing they can transmit is bits, think of Morse Code. ON OFF
That is why they work so well for serial communications.
Also, that is the reason for sending a "train" signal (010101010101) allows the receiver to balance the internal capacitor before receiving the real data.

I think the correct way of saying it is Carrier Present - Carrier Absent