The highpass filters the AC and reduces the amplitude by 20dB -- a factor of 10. So 120VAC in becomes 12VAC out. This goes to the classic bridge rectifier and smoothing cap for roughly 12VDC out. 3/3
You will notice no transformers. That's a 300Ω resistor and the big brown cap is 560nF. That makes a highpass. It's not the L-topology RC filters you may have studied -- the R is not to ground, it's in series. 2/3
#freecadfriday Knob has an internal groove to be captured by fingers and spin freely. Took a few iterations to get fingers that don't break off as knob is forced on.