Yes, it's just a resistive soldering iron. Nothing new. Professional ones have been around for years. It does in fact pass the current through the item to heat it up. It has two tips very close together. You short out the tips on the item you want to heat up. The tips do not get hot, the item that shorts them out does, so the "cold heat" stuff is just marketspeak. The tips are fragile and wear out easily and if you get one tip on one leg of an IC or transistor, and one tip on another, you can damage the component since the current will pass through the device. The batteries do not last long from what I have heard. The tips are made of fragile carbon or graphite.
It is an impractical toy copy of a resistive soldering iron, imo.