Not sure how this device would be used with a boring head, as they normally have plain parallel holes and take boring tooling direct locked in with grubscrews.
Milling machines, or lathes for that matter, do not have spindles with an internal M10 thread so not likely to be what this tool was intended to be used in.
The carbide tipped cutter might just be an oddment filling a hole and stopping the grubscrew getting lost
Does how it was acquired give any clue to its purpose?
Ian P