Yes that is a shrinker/stretcher and it is quite common and has been around a long time. Of course if you dont do any sheet metal work you wouldnt know about it. He is using it to shrink on side of the angle and that will cause it to curve on the flat. If you tried to do that with a roller or bender the angle would bend in two directions or twist. By changing the die set in the tool you can stretch metal and it will curve the other way.
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