Not a condenser in the true sense, as in full steam condenser, however, it does perform the action of a condenser for the steam oil which will drop out of vapour form at around 110degC and collect in the bottom of the container.If allowed to get too hot, this will not happen and the oil vapour will be ejected along with the exhaust steam.
There will always be a certain amount of steam condensation within the device, since at this point in the system the steam pressure will be very low and will be very wet anyway.
AlexC