It is a SuperIO chip with on board co-processors that can inspect and modify data transferring to/from peripherals. It is most certainly used for management and capable of being compromised like the ME.
Ah, so you're saying this chip is guaranteed to not have its own TCP/IP stack, no access to the NIC, and no latent zero-days that a remote attacker can exploit?
That is correct enough, but now sure what “it’s own” means.
To be clear, this is not some mystery chip, it runs a derivative of iOS, and you can check out the firmware in /usr/standalone/firmware (You can even reverse engineer it if you have experience with ARM).
2. This is not used for device management.