assume # of turns is proportional to # of squiggles.
my thinking is that, through one circuit, it's step down, but through the other, it's step up, so it could be 1:1. Or it might not be. Depending on which way the current wants to go.
on the LHS the upper half of the centre section looks like a 3:1 step down, in phase with the lower half which looks like a 3:2 step down. And on the RHS vice versa, overall giving you in=out
it's going to give you in=out unless you go to too high or too low freqs or too high or too low power loads, and then, unless there's some odd unbalance in the transformers or wiring it'll be nothing unusual