This was essentially the argument against adding the raw device support to Linux, which delayed the Oracle database Linux port for years, with Linus himself being adamant that operating system's own VMM and page cache management was superior to that of the database (except it was not), which was proven to be a fallacy as the transaction and error handling database requires completely different guarantees, and the VMM pursuing different design objectives that most of the time are incompatible with the database expectations.
The raw devices have been used precisely for that reason: «let's bypass the VMM and the page cache for this device, and we will take it from there». That is what the Oracle database did on Solaris – it wanted an entire raw device that it would claim for the table space. Granted, Oracle has had its own VMM and page cache (so to speak) implementation within the DB, an OS mini-kernel if you like.
The argument was eventually settled with adding the O_DIRECT flag to open(2) accomplishing the same outcome, and the raw devices have never made into Linux.