Correct. It's also known as a clock spring or slip ring.
It allows components that rotate about a central axis to maintain electrical contact with a fixed element without twisting a wiring harness.
On an E46, the volute spring is the slip ring that allows the steering wheel to connect to the harness.
(klx photo studio)
M3 drive train conversion (S54 Swap, LSD, 6MT, suspension linkage) | UUC Stg 2 Organic Clutch | OEM M-Tech II Kit
KW V2 | BBS GT4 RE | Falken FK452 | Alcon 6-pot 365mm BBK | M3 steering wheel | Powerflex bushings
Originally Posted by koven
i'd rather be gapless with no bulge