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It´s for headlights leveling. It adjusts your headlights when weight is applied to the car so that you will not blind other drivers i think.
If this is the rear control arm then probably not, the leveler is on the front control arm.

Looking on realoem I don't see anything quite like that thing for my model. Recommend looking up the rear control arm assembly for your model to see if anything comes up.

EDIT: Looks like I might be wrong about the headlight leveling only being on the front suspension. The part may be the "Regulating Rod" from this diagram.
 
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