It's a 2nd op machine, and from the looks of it, an elaborate one. Screw machine or other production type lathes can do everything except the backside (with a few exceptions) of turned parts. This lathe is for doing the backside. Maybe a backbore, groove, or tapped hole etc, from a part off face in the 1st op.
Pretty obsolete now with twin spindle machines that can cutoff/handoff to a 2nd spindle automatically as part of the cycle. We have a Nakamura Tome Tw-20 at work that can do this, while I never have done it, I just treat it like 2 machines in one with collet/bar work on the left spindle, and chucking work on the right one.
The machine in the link could be a money maker for someone with the work to feed it. Or a boat anchor for 99% of the rest of the population. High doubt any conversion for regular use, or CNC retrofit would be possible.