No. That will alternately execute (I assume) BTR's and BTW's. It is logic expanded a bit over the normal BTR/BTW interlocked pair, by virtue of having some FAL instructions to handle the data out and in as well.
This is obviously a Q&D (Quick and Dirty) PLC5 conversion. The XIO XIO BTW / XIO XIO BTR is very common in the PLC5 (and to some extent later rev OS SLC500) world.
Much hate by the way for taking a Logix 5000 system and pretending it is a PLC/SLC.