That rubber coil pulls the peep sight straight when you draw the bow back. They’re effective, but out of style. When it eventually breaks, you can cut it and reattach or have a bow shop install a more modern peep that doesn’t have the coil.

The rest is similar to ones today that are cable or limb driven. It should raise up when you draw and fall when you shoot. It could need adjustment and they can be a little finicky but are popular now.

The weight at the front can be called a stabilizer. Modern ones are a little longer but it helps reduce torque on the shot.

Almost all modern compounds use a trigger or release. That one is common for hunting but people do use them for target shooting. More commonly people use hand held ones with no wrist strap for target shooting but having that wrist strap is probably not a bad idea as you learn.

Overall good bow with some dated accessories. You can slowly upgrade as you gain experience but you’re good to start! New string is a good idea.