No, no, and once again, no.
AC97 is just the standard for the interconnecting bus between sound engine and codec - just a digital audio path. The sound processing (which does or does not consume lots of CPU cycles) happens in the sound engine, the codec just does the digital/analog conversion. Even Audigy uses AC97 to connect the codecs to the engine.
PCI sound engines are attached to a rather slow bus, while chipset integrated sound engines link up to the much faster chipset bus directly. There are CPU driven sound engines (Intel, older VIA, most SiS), and quite intelligent ones (ALi, newer VIA, some SiS) that don't load the CPU as much. Same for PCI audio chips - there are extremely brainless ones like Creative 5880, midrange ones like C-Media 8738, and very powerful ones like VIA's brandnew Envy24. In general, on modern chipsets, integrated audio uses zero PCI bandwidth, which usually gives it the edge - who cares about sound CPU load anyway today ... in the 1.5 GHz range you won't notice those few percent.
The analog audio quality lies in the codec, and in the analog circuitry surrounding it. You can't separate this from chip to chip, it's entirely up to the mainboard designers to get that right.