Of course it is a transformer, as, from what I understand at its simplest, an LPS *is* a transformer that takes AC and converts it into DC. And that’s what the Swagman, and the unit I bought does. It certainly isn’t a ‘switching’ power supply. And the Schiit wall wart also turns AC into DC, but without an additional power transformer. But both convert AC into the required 16v DC power.
Before I purchased mine, I read from another about the circuitry within the Mani, and was dumbfounded that these units worked, but they sure seem to by those who have purchased them, installed them, and used them with success and better performance.