Sanrensei, low variant
When Black plays , rather than at a, this looks a little odd to modern eyes.
This is however a possible formation: quite common before 1930 in handicap go, still used in pro games (Sakata liked it), and occasionally seen as an opening.
White can play the capping play to keep Black's framework under control. The two invasions at b are miai, so it is then harder for Black to take territory, while obstructs very large-scale expansion in the centre.
Here the capping play looks somewhat like the strong group approach to limiting a framework.
The continuation for White here is too slow for handicap go, but in even games this kind of gentle play is surprisingly effective sometimes. That assumes Black plays tenuki after the capping play - again, less surprising in an even game.