Auto trans fluid level thermostat

What is this device do and how does it work.
https://www.carid.com/acdelco/gm-original-equipment-automatic-transmission-fluid-level-thermostat-mpn-8646904.html?singleid=1801138211&url=13136611

Recently had a slippage in transmission so went
And changed filter and I believe it may have been clogged a bit. As I was draining the fluid that big clip piece from that 5 pierce kit fell
Down. Now I have to wonder if I need to take a apart the new gasket and figure out where that came from.