It's more of a tremolo, that adds various harmonies to your sound. It's similar to an arpeggiator, but due to the tremolo depth (if set deep), it cuts your core tone up into strange choppy textures. It's a thing you need to hear in detail to explain.
Here is an old track, from the band that used the massive board I shared earlier. This track uses the old 2-pedal slicer (in the intro and again later, but more subtle). I share this because it uses the same filter-y octave tone as the one in the video, which is why I think it's a slicer. The depth on this one is low, so the bass tone underneath isn't being fully chopped up, but you can hear the similarities.
Badcode Babble - https://ourhelicalmind.bandcamp.com/track/barcode-babble-ft-duke01