Yours appears to be a chinese unit like mine, but mounted in a box. Same pcb and likely a very similar power supply. The welding leads from the induction board to the coil, do get hot, but not enough to require active cooling. The coil is called a tank circuit, essentially a very high...
I have an older sykes pickavant one running off 110V (it was cheaper) - I use it for exactly what you want one for. And warming bearings and retaining collars up to fit on halfshafts etc. It's been very useful.
I just bought the Machine Mart version of these for a recent run of work on my car. I must say I have been impressed with how effective it is. I found the flexible 'coil' supplied with the kit (just some copper braids inside the heat proof sleeve) really useful as the standard pre bent coils are ok, but generally too big or small for the bolts I was working on.
Not the exact model I have used but can recommend this type of induction heater if you can justify the cost , tend to use this in preference to the type with the coils . Fortunately I have access to both