Yes it is a check valve.......installed by Keystone instead of a hot water shut off valve (quicker/easier/cheaper to do during assemble)
The humming is caused by debris/scaling and the cheap plastic internals (Plunger/spring/o-ring).
Can not blow back thru it because is closes that way...used tp prevent backflow into WH tanl when it is bypassed.
When they start humming they are going to fail
Brass screwed into steel and now it is difficult to remove.
Try to tighten a little bit then unscrew.
Saturate with Liquid Wrench while tapping on it and then try to unscrew
Remove internals -----install shut off valve