Nonsense??? Well, Maybe!
Let us recap....
The OP wants to know what it's for. ???
Poster #2 makes a self admitted uneducated guess that it is a "Fuel Inlet Mount".
Poster #3 guesses that it "Looks like a fuel shut off valve".
Poster #4 States with some confidence that that he "would definitely say a shutoff of some type".
Poster #5 declares the "Fuel Inlet" and the Fuel Shutoff Valve" ideas are Nonsense because, as he states with great confidence, and a good deal of background history to support his theory, and apparently has direct knowledge of its function, that it is "called the Injection Primer"
Poster # 6 appears to confirm, also by way of direct knowledge, that it is an Injection Primer.
If it truly is an Injection Primer, then the previous suppositions are Nonsense by definition.
If he is wrong then his information is also Nonsense.
As I look at the photo, I see what appears to be a Black Plastic Valve Cap on a Shrader valve just to the Left of the Red Handle.
Some kind of system to inject air into the motor to flush it out?? But this is probably just nonsense too!
Just because your and my guesses turn out to be wrong and nonsensical does not imply that we are nonsensical people for making the guess.
Just our current guesses are. There is no reason to take any of this personally.