ID3 tags and CD Text are two separate things. A CD Text capable drive will be able to read artist/album/track info from a cd if the cd has the CD Text info on it. Most commercial cds don't. Most cd burning software gives you the option to add CD Text when you burn a cd if your drive is CD Text capable.
Id3 tags are a bit of data that contains artist/album/track info that is appended to either the beginning or end of a compressed audio file (such as an MP3). Being able to read and/or write ID3 tags is dependent upon the software you use to catalog or play those files.
To complicate things further, not only does your drive need to be CD Text capable, but the software you are using to play or rip your cds must also be CD Text capable. If this is the case, the software can use the CD Text info to create ID3 tags when ripping and compressing the audio.
Rob