Amazingly enough the latter! It's difficult to make out through the orange perspex, but it looks to be switching in and out some planets on a sun/planet reduction stack - 2nd picture, you can sorta see it rightmost above the big black potentiometer.
I've since learned that using synchro motors for timing is pretty common - their RPM is tied to the mains freq. which is very spot on 50 Hz. You can get synchro motor clocks and timers too, and it sets the time base in record players.
This is really a work of art, more clockwork than electronics. What confuses me is that this isn't THAT old - mid 1970s. Why not include more features? You can only start and stop the sweep with a switch. No external logic/relay to trigger it. The output isn't buffered, and the 5V reference is just a bridge rectifier, 2 electrolytics and 2 zeners. It doesn't have any makers mark or company logo or even model number, so originally I thought it had been manufactured in-house. This was quite common still in the 1970s, but it has a serial number in the multi-hundreds!
I'm pretty sure it's made by Oxford instruments, but only because the shade of beige is EXACTLY the same as an Oxford unit sitting above it in the rack - and various articles mentions an oxford "electromechanical sweep generator".
Strange beast indeed. Too good to be tossed in the bin, that's for sure.