I'm trying to replace a component in a circuit, but I can't quite figure it out:

Looking around at images online, it looks like it may be some sort of glass gas discharge tube.
My cheap T7 tester identifies it has a zener diode at around 10-11v, regardless of inserted polarity.
Now the weird thing is whenever I look up pictures of this board online, that component is missing and it appears an MLCC capacitor is in the unpopulated above.
Is it being used for transient voltage suppression? How does the capacitor compare, and how can I pick an appropriate replacement?
Here is the relevant section of the schematic, with the component marked as "?":
