The red arrow is pointing to the governor wheel which is driven by the camshaft. As it spins, it forces the end of it into contact with the lever that can be seen in your second picture. It looks to be correct from what I can see.
Did you see the lobes of the cam that actually lift the valves - not visible in the first pic?
John
Did you see the lobes of the cam that actually lift the valves - not visible in the first pic?
John