Yes, it is an email validation script, but a crude one at that.
It basically does the following:
[\w.-]+
Look for any word character ("\w") any dot (".") or any hyphen ("-") that is of length 1 or more (no limit to maximum length).
@
Next there must be an "@" symbol
\w+
Now there must be at least one character as the domain, at least one!
[\w.-]*?
Any other domain valid characters (words, dots and hyphens) for any length (0 - infinity) but this can be optional!! That's what the ? means, optional.
.\w{1,4}
Next is a dot, followed by a word that is 1 to 4 characters long (the TLD).
Honestly, you should NOT use that regex, and should use a little more sophisticated one like:
[-a-z0-9!#$%&\'*+/=?^_`{|}~]+([\.[-a-z0-9!#$%&\'*+/=?^_`{|}~]+)*@(([a-z0-9]([-a-z0-9]*[a-z0-9]+)?){1,63}\.)+([a-z0-9]([-a-z0-9]*[a-z0-9]+)?){2,63}
That will validate all proper email addresses with any valid address. Whereas the one you posted wouldn't take an email address with an underscore in it 🙁
Oh, and to validate at only a specific domain, just use this:
[-a-z0-9!#$%&\'*+/=?^_`{|}~]+([\.[-a-z0-9!#$%&\'*+/=?^_`{|}~]+)*@specificdomain\.com