You are correct, it is a pre-muffler and has baffles internally. Performance wise, it’s shown to be the way to go. But expensive and heavier than the other mid-pipe options.
It is very quiet, even more than OEM. I drilled out the “db-killer”, and now it’s perfect. I had an Arrow system that was loud on acceleration, but fine on neutral throttle. It had the bulged mid-pipe.
I am selling both of the those if you are interested.