Yes it is. I am not sure why it is there, but if you unscrew the bottom of it there will be a filter element in there. Autozone or Napa etc lists that filter as well. I had lots of issues with mine and getting the oring to seal again. I think it was due to a cheap quality replacement filter.
the fuel filter on a 1986 ford ranger is located on the inside of the frame on the drivers side in front of the gas tank.
on the drivers side frame rail
The fuel filter is mounted within the left frame rail (driver's side).
The inline fuel filter is located on the left frame rail.
The fuel filter on a 1987 Ford Ranger is located on the driver's side of the vehicle. It is mounted on the frame and it is about even with the rear door.
Under the body, on the driver-side, on the frame.
The fuel filter is mounted within the left frame rail (driver's side).
under the drivers side door along the frame well.
The gas filter is on the frame rail on the driver's side under the cab.
I believe it is underneath the Ranger , on the driver's side , in the frame rail , somewhere below the driver's door
on the frame under the driver,,,,
its mounted to the frame under the drivers seat