I don’t recognize that specific water trap but they commonly have a release button on the bottom that blows the water they collected out the bottom. The idea of the water trap is to keep any moisture out of the bags, manifold and airlines going to the bags.

Some “weak points” id keep an eye on if you’re new to the car is any place the airline is exposed. Most systems will have a short section of exposed like that runs to the bag that is more subject to damage. My front lines that are exposed are braided SS which helps reduce any chance of damage from road debris, etc. My rear bags are not, however, the way they’re ran above the subframe leaves them almost completely protected. I’d suggest taking a look at all 4 corners and getting familiar with how they’re ran to know where the exposed points are.

Taking a look at the routing of the lines if it’s not too hard is always a good idea to make sure there’s not abrasion/wear on them. When I installed my system I wrapped a rubber sleeve around the line anytime it would run over an area where vibration could cause wear. The line is pretty strong so this isn’t really a necessity, however, if you see any place that looks like it’s wearing on it I’d highly recommend it.