Yes, and so is a lathe, and a mill, and a wheel, and a grinder, and hell, even a firearm! Did you know that anything that isn't a shotgun has a rifled barrel? Meaning it spins the projectile so that it has potential energy keeping it better on target, even in windy conditions? That fact wasn't really relevant though just figured I'd throw it in there.
Pretty much almost all work done by humans involves some kind of circular motion to perform it. When you swing your arm, you are going along a circular motion. Even most machines that perform work linearly use circular motion, such as a reciporicating saw or a band saw, as they still use gears/sprockets to perform motion.
Though saying it was designed to spin fast is a bit of a misunderstanding. You don't necessarily need to spin fast, different materials need different speeds and feeds in order to be machined properly and efficiently(drilling is in fact, a form of machining).