thats a "Racor" filter.
while not specifically a water separator, it will do the job. Yes, drain the water out of the bowl... then stop, no need to drain the whole bowl.
You can certainly install a separate water separator if you wish, and leave this as your fuel filter, but... if it ain't broke...
We are not primarily on earth to see through one another, but to see one another through
Some people are like slinkies: not really good for anything... but you can't help laughing when you push them down the stairs