Archive Program director here. It is basically microfilm (albeit very long-lived) but the data is mostly stored in a pixellated form, not unlike QR codes, although every reel also contains human-readable instructions (and code) re how to unpack its data.
I don't think so. Project Silica talks about storing the data in droplet-looking voxels rather than etching language symbols. Cool video of the process: https://www.youtube.com/watch?v=6CzHsibqpIs