At one end of the wire is a 3.5 mm Jack plug. On the other end of the wire is presumably a glass LED.
When connected to the phone, nothing happens. The LED does not start to glow.
Also, this wire doesn’t work as a microphone. It’s also not an earpiece.
What is it for?
No, but you can get something like this to do what you are asking
https://a.co/d/e6DROYc