You can better understand it by re-drawing the diagram to see the two potential dividers.
(Note: since I don't have access to the test fixture, the attached schematic may still have errors; if there are any, let me know, and I'll fix the diagram).
From the video, you can see how it approximately works; a stimulus is generated with a DDS, possibly switched in amplitude inside its metal can, and then that is received on the Source input on the test fixture, where it is applied to both potential dividers. The outputs from the potential dividers are the reference and DUT signals, and they will have an amplitude and phase difference depending on the DUT impedance.
Next, both of these signals are independently mixed (there are a lot of switches inside the metal cans to presumably do that!) with a second DDS-generated signal, which will have a precise relationship to the stimulus signal. That precise relationship will very likely be at least zero degrees and perhaps 90 degrees (alternated possibly) if mixed to DC. Your output signals from the mixer will then simply be digitized (there are two 24-bit ADCs, one per channel), and then all the data is sent into the PC (there may be some digital signal processing on the PCB too).