Hi, welcome to the forum.
That's a brushed motor rather than any sort of induction type, so the capacitor can only be for interference suppression. Not a motor start or run type. If the potentiometer is a high wattage wirewound type, the it will be directly controlling the motor current rather than there being any speed control electronics in the yellow package.
When you say "between the potentiometer and the motor", can you please clarify how it's wired? I see the bare wire that is connected to the chassis and two black insulated wires. I would have expected one black wire to go to each side of the motor. I suspect that it is a combination of an 'X' rated capacitor across the motor and two 'Y' rated capacitors going from each side to the chassis connection.
The only other possibility (if the two black wires are really connected in series with the potentiometer and motor) is that the package contains an interference suppression inductor combined with a 'Y' capacitor to chassis.
If the chassis is solidly grounded via the mains lead and there are no signs of deterioration or swelling, you are probably fine just leaving it as is.