Yes. It is a jig to hold the forearm of the cue between to indexers so material can be milled away for the points.
Currently I use a similar setup and a 5in diameter 90deg cutter. I have to hold the backside of the forearm when cutting to control vibration and keep the chatter down. The new jig will clamp on both ends with collets as opposed to just centers. Also, I am working on a few designs to hold the center of the wood so I don’t have to have my hands anywhere near the cutter. I’m also going to try using an endmill and nod the head on the Bridgeport instead of the 90deg cutter.