Does sound like a condenser. But the way it's wired means it is in parallel (i.e. duplicating) the condenser on the distributor. Personally, unless it is a factory-standard item, I would remove it: a condenser failing short-circuit will kill the ignition. Having a pair of them, instead of the usual single, doubles the chances of that happening.
Also, poor quality modern condensers (and points) seem abundant, and anecdotally seem also a common cause of breakdown. So they are items that are worth buying only from the best sources you can find - say a reputable distributor specialist, rather than from a generalist parts supplier. If the old (well-made) parts are working fine, I probably wouldn't even change them... but you have to wonder if the extra condenser was fitted because the 'proper' one - on the distributor - stopped working sometime in the past.
Edited by alpder, 23 March 2025 - 11:59 AM.