Not really - it changes how the lines are drawn between components, rather than removing any of them.

The EXT4 filesystem driver as an example contains most of the same code whether it is part of the kernel process or is a user process. A virtual filesystem abstraction is needed between the two in either case as well.

The kernel also already has a module system to support loading externally maintained code. You won't necessarily see a benefit from separately maintained drivers that wouldn't already be present.