No, it was a proper stopper. Precursor to the modern frame bolt fitting brakes from Shimano and Campagnolo. Side pull by the looks, actuation similar to V Brakes. These bikes won the World 100km Team Time trial competition.
Raleigh built one of the first production Lo-Pro Funny bikes way back in 1972 with the Raleigh Chopper Sprint, they just didn't know it at the time. Moving forward ten years they built a very special time trial machine for Bert Oosterbosch