Yes, it is like a dry version of Wite-Out and there were other dry correction papers; I think one was called TypeEx (sp?). These correction ribbons work the same on any typewriter that has a ribbon-color-change control that allows at least two colors, though they are usually marked "black" and "red". The white correction strip takes the place of the red. (If there is a "white" position on a three-color color-change control, it is for disabling the ribbon altogether, not for this correction ribbon.) In use, you would backspace to the error, switch the ribbon color, retype the error thus covering it up, then switch back to black ribbon and continue writing. 

Biggest point to know about these correction ribbons, though, is to avoid the accursed things! They shed sticky white flakes constantly into the mechaism and over time can cause quite a mess. They do work for their intended purpose (if there is any left at the point where you need to use it) but it is much cleaner to use a loose page of TypeEx or apply Wite-Out, even though that is a bit more work.

OTOH, if you are only using your Brother Charger II Correction for display, it would be cool to display it with its correction ribbon in place. Actual history, y'know.

Yeah, I suppose it seemed like a good idea at the time it was invented ... but in practice ...

I agree about the looks of the Chargers---utilitarian, functional, not exciting---but fortunately they are well-built and they work well. I have a Charger 11 Correction. Just put in a black/red ribbon and write away.

For typewriters with carbon ribbon, mostly only electronic typewriters, there is correction lift-off tape that actually removes the carbon from the paper.