Yep, that drove me nuts when I recently replaced my rack and all the steering hoses. When the high pressure hose was replaced, I didn't pay any attention to that leaded weight and when I ended up with a whine when turning the steering wheel at low speeds, then I looked into and found out the need for the vibration balancer. The only problem I came across was that the aftermarket hose had a slightly smaller OD that the ID of the weight and after a little modification, it fit and works perfectly. Hope this helps.
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'86 sedan with 389,000 miles on the original engine and automatic transmission

Looks like someone patched it at some point. Actually its not a patch, its a vibration dampener. Its suppose to just clamp onto the hose. If the hoses aren't leaking don't worry about them. When the PS rack goes then its a good time to replace the hose.