It looks like a pretty standard travel converter, I have a couple of similar ones that I use to power old Soviet clocks. Mine aren't switchable but they're all just autotransformers that convert 120 to 240 or the switchable ones will also convert 240 to 120. They're fine when used as intended, the sort of small appliances they're meant to power wouldn't have 3 wire cords anyway. Here you don't typically see grounded plugs on anything that doesn't have a metal cabinet like a desktop computer, refrigerator, washing machine, that sort of thing. Clocks, phone chargers, most laptop chargers, lamps and such are all 2 prong with no ground. These converters are usually only rated at 50W, you'd use one to power your shaver, radio, battery charger or other small appliances while traveling to a foreign country. Now that most things are universal input these transformers aren't seen as much but they were very common back when AC adapters were all iron transformer types made for a specific voltage. My relatives who traveled a lot all had similar converters they packed on every trip. They also had triac based ones that were smaller but rated 1600W, used for resistive loads like hair dryers and curling irons.