If you are asking about the item in the pic with the 'what is this' arrow--it is a mixing valve. Sometimes, the water heaters provide water that is too hot, and the valve is used to add some cold water to the hot water when in use.
Or, since I can't see the rest of the line directions, could be a bypass valve to winterize the trailer without going thru the water heater.
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2016 Tiffin 40 QBH
2015 38RSSA, traded
2005 TK3 #1869, 10 yrs of memories,
2017 F450 KR--one more Ford is it
2009 F450 4x4-died; 2010 F450-retired
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