No, this not so, the wedge adjust height and the setscrews tighten the holder into the block, this is a typical turret lathe item, Empire made parting tool holders also.Probably because there is very little demand for them.
It looks like the caps screws are the adjustment for height and the
wedge locks everything together. Which means, every time you change
tools you'll be checking your adjustment.
There's a reason why QCTP's are as popular as they are.