Yes, it's a spring-loaded hydraulic cylinder (hydraulic lifter) that sits on top of the valve stem. It has a port that fills the lifter with oil when the (intake or exhaust) valve it's controlling is closed, then the port closes when the lifter is engaged to open the valve. This allows the lifter to adjust to the valve stem's position as the engine heats up. Collapse probably refers to the lifter not getting refilled with oil and either not opening the valve or only opening it partially.What’s a “collapsed lifter”?