Yes, it looks to be a water based coolant. Commonly used products such as Hysol MB 10 are use in a 5%-10% solution to water. Side-by-side Kurt Angle-Loc vises, also a standard of the industry, in use to clamp the product being machined. Those chips are the result of some pretty serious hogging, must be a fairly rigid machining center.
Yes, I would enjoy a video
We only ran that machine 24/5 so it would sit weekends. We would shut down for 2-3 weeks at the end of the year through the holidays. If I remember we would empty the tank out and clean it good. The rest of the year we just cleaned the sludge out and added more to it since there would be a slight loss with that went out with the parts.Most of our machines that ran water soluble coolant ran 24/7. The ones that sat had recirculating pumps to keep the rancidity down.