Whatever it is it's fairly old. I have no idea but I'm going to take some guesses just for fun.
I see a PIC micro, a couple of relays, and some discretes. Whole thing looks hand-made. Seems to be a two-channel ejection controller but I don't see any obvious sign of altitude-sensing components. Therefore I posit that the two channels are timer-controlled, using time values selected by the two dip switches up top. Can't tell what triggers the timers to start. Hmm, maybe a timed air-start controller rather than ejection controller.
OK that's my wild guesswork. I look forward to finding out if I'm even in the ballpark.
I agree with your assessment, Neil. The G switch in the lower left quadrant made me think timer. The two larger LEDs are continuity indicators triggered by the push button to their left. I powered it up with a 7.4v lipo, it came wired with a 9v connector, and the continuity indicators work. And the smaller LED near the top flashes regularly when powered.
I wonder if a drop test would be enough to trigger the G switch? I could measure the time delays of the various dip switch positions with an LED hooked into the outputs.