Looking at the meagre data sheets I'd say, what goes in comes out. You put a digital signal into the TX and get the same digital signal from the RX.
The sheet says the circuits will accept / provide CMOS/TTL levels for both input and output, though since the voltage levels are given (for the RX) as 0.3 Vcc and 0.7 Vcc, I'd have said that was CMOS levels rather than TTL. But these are max and min, so they may be TTL compatible.
Edit: so you don't actually need TTL or CMOS chips, it's just that these boards work with logic signals not analogue and these are the voltage levels which work.
The other strange feature is the minimum data rate. This suggests AC coupling so that DC levels are lost. I'd guess that is in the demodulation circuit, because with AM* they need to suppress spurious signals from changes in RF due to movement, reflections, or what have you between the TX and RX. So what goes in comes out will only be true if you observe the minimum and max data rates.
Whether you need codecs depends on what you are doing with the signal. This is just the physical layer, like a bit of wire.
* QAM seems to refer to Quasar's Amplitude Modulation rather than Quadrature AM. But that's hardly surprising at $1 a board.