Thanks for the answers. I am trying to find a autotransformer but I cannot find any which resembles this component, the search on google always shows auto-transformers for mains. Is there any other term as well for this?
I also checked the peak voltage when this components operates and it gives around 25v amplitude to the piezo which is very close what the max limit of this piezo is (30vpk), so everything said above makes perfect sense.

From more checks, primary side has 106R & secondary side has 2R resistance.
At 3.5Khz I literally went deaf for few seconds