This item appears to be the German cousin of No. 1085, fitted with both adjustable and replaceable graphite and ink erasers:
Until I saw one in person I wasn’t sure how its size compared to the clamp erasers found on Eberhard Faber pencils. There is quite a difference in size, and the metal body has some considerable heft to it as well:
This would still be a handy item today, even with just two graphite erasers.