It appears to be an exposure device/timing for enlarging. Ilford and others made similar things without the timing feature and remote probe.
The gadget requires you to make a good print to determine the sensitivity. Take a reference reading from highlight/shadow area(can't remember). Then when you put another neg in place, you meter the same sort of area and the time is apparently determined by your test print, so with this thing push the button and you're off to the races.
The switch on the upper light turns the lamp on to compose/focus and s/l is a mystery to me. Thimking about it. S may be used to determine the sensitivity and L the aperture?