Correct. That's a Behringer UM2 preamp. It adapts a full-on XLR analog microphone to USB. It supplies 48 volt phantom power (if needed) and may be used for monitoring as well as "Perfect Overdubbing" with a built-in headphone mixer. It natively mounts mono which is perfect for Voice-Over and Overdubbing. No post-production conversions.
The orange thing is an external USB hard drive. You should be able to point to two different devices or locations containing your valuable work. If your internal hard drive clicked a couple of times, choked and caught fire right now, where is your work?
I have a significant difference of opinion with the ACX demo people. They insist it's a terrific idea to record directly
to the external drive. I don't agree. My history in video services proved repeatedly and painfully that's an awful idea. Record to your internal drives(s) and then make copies to the external.
The Behringer isn't the only one in this class. There is a Focus Scarlett Solo which does pretty much the same thing.
There is an odd problem with these devices. The upper-end stereo
devices (Scarlett 2i2) won't gracefully handle a single microphone. They are not mixers and they insist on recording a stereo show with your single microphone on the Left (or Right depending on where you plugged it in).
You can sometimes force
a mono recording, but you're subject to overload, undervolume, noise or mix problems if you do.
I generally use the next step up from even this for commercial recording. Same analog-type microphone, but plugged into a small field sound mixer and then on to either a USB converter or a computer with a top quality Stereo In. This is a broadcast sound shoot I did.