What it trains
Anaerobic power and the ability to repeat it. Work intervals sit above the point where oxygen delivery can keep up, so the session is training lactate production, tolerance and clearance, and the speed at which heart rate comes back down between efforts.
The mixed-modality format means no single muscle group is the limiting factor for the whole session — legs on the bike, upper back on the erg, trunk and hips through carries and jumps. The adaptation being pursued is a higher ceiling and a faster recovery between efforts, both of which show up in everything else you do.