That part is a 2-electrode arrestor.
It is a gas-filled element (which explains the glow) used to lead off high voltages.
One typical use is the protection of devices from high voltage, as from a certain level on it becomes conductive out of itself (ionisation of the encapsuled gas) and can lead the dangerous voltage off to earth.
In your case it is used to quench the main capacitator once sufficiently long the flash tube has lit for correct exposure. Such elements were used in early or later plain autoexposure flashes, that controlled the discharge of the main capacitator, but the same time lost the residual charge.
The element in this application is a fast high-current opening switch shortcutting the main capacitator. In contrast to the more modern thyristor, which is a closing switch, thus breaking the current out of the main capacitator, and by that keeping the residual charge.
In your case the element got a copper bandage by which it is triggered, similar to the main tube. Basically that flash of yours has got two gas filled tubes switched in parallel to each other to the main capacitator. One tube designed for light emission and triggered to start illumination, the second designed for voltage discharge and triggered at the end of illumination.
Either that element becomes prematurely conductive out of itself when the main capacitor is still charging up, or its trigger-circuit is activating it prematurely in this phase.