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That does resemble a suede piece, but not a Kanoyama. The finish here looks rougher to me. This is not to say the strop is defective, as there's no way to tell that from these few images.

I'd say...

I mean on the back side of the leather and only if it's needed. The aim would be to soften it and make it more supple.. but lets see that pic first ;)

If you decide to apply anything to this strop, apply it to the back side only. Euclid440 brings up an interesting point of softness/suppleness of the strop. You could probably show us how supple it...

The listing states it's napped leather, I guess it's kinda like suede. I wouldn't do anything to it, just use it and it will be fine as it is.