Is this a toy floor loom?

I was given this as birthday present several years ago when I first got bit by the fiber arts bug. It came pre-warped since I think it's just a toy but I couldn't figure it out back then.

I've been doing more research this time around and I want to use it again just for fun. (I think with more research I could probably make some neat projects on this) But I'll have to re-warp because a lot of the strings broke. I'm still very much a beginner but I think this looks like a simplified floor loom. Can someone confirm if I'm on the right track?