The device is called a "lightning dissipator," made by Forespar; as far as I have learned, they work "in theory," but not "in practice"--as the amount of electricity (i.e. billions of volts) is far too great to be dissipated by a device with so few points. To work (even in theory), the device has to be grounded to the water with large cable and metal that is in direct contact with the water's surface.
The latest in the (dubious) field of "lightning protection" are these so-called "CMCE" devices:
Encore Land and Sea delivers expert lightning protection solutions, including CMCE systems, lightning rods, and arresters across Florida, ensuring reliable safety for residential and commercial properties.
www.encorelandandsea.com
But the real authority on the subject can be found here:
marinelightning.com
My Ericson 38-200,
Walden, had one such dissipator device installed after a strike ~four years prior--and while under contract, it was (side) struck again with some electronics damage and negligible hull damage; the mast was not grounded so the device was completely useless. During my 2018-19 refit, I removed the device and bonded the mast step to a keel bolt with a brass ground strap and 2/0 AWG cable with minimal bends. I also installed a "gas-block surge protector" in the VHF coaxial to divert a strike-charge to ground (connected to mast step). This whole setup was never tested thankfully.
My Hunter has all of its shrouds and mast connected with ~4-6 AWG cable to a fabricated stainless steel bonding plate at the forward keel bolt, which is what Sabre also does. Thankfully, this boat's system has also not been tested.