No this is on every stock Prelude. It is connected to the heater core by a cable and stops coolant from going to the heater core when the AC is on. Look on the firewall near the TB and you will see it.
Actually this is control by the lever that set the temperature on your climate control unit, when you have the lever to cold it should be fully closed and when you have it to hot it should be fully opened. Even if you have AC on you can still have your heater to hot and it'll be opened (kinda useless though). It just control how much coolant goes into the heater core, there's nothing special about this. I don't know if it makes a difference in performance if it's fully opened or close though but I doubt it.
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