Yes, it allows the camera or mixer to pass 48V Phantom Power to your microphones, provided the host device's 5-pin port is configured to output it.
It is compatible with the RED KOMODO-X directly. For the original KOMODO, you must use an Expander Module or Audio Module that features a 5-pin audio input.
No, the connectors are not IP-rated. While it can withstand high humidity, it should be protected from direct rain and moisture to prevent shorting.