Yes, that IS the Prop Valve and is needed on a disc brake system unless you've installed an adjustable proportioning valve somewhere else on the vehicle.
The brass thingy on the frame is just a Distribution Block.
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2017 Camaro RS -217 cu in 365 HP w/8 speed auto
1967 Camaro SS -5.3L LS w/4L60E & 4.11 12 bolt
2019 Cadillac XT5 3.6L V6 w/310 HP & 8 speed AWD
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