The printer thing is a teletype. Think of it as a terminal onscreen, but...the text actually gets printed to typewriter paper line by line. The phone thing is almost certainly an acoustic coupler for a 300-baud modem, hooked to the teletype. You'd dial the modem pool for the server you were trying to connect to, and when you heard the happy modem noises come through the handset, you'd slam it down on the two rubber cups, and your modem/terminal would do the Hayes AT dance, and a point-to-point data connection would be established. 300 baud was good for printing teletypes, as the mechanical printhead can only move so fast....
Yeah, looking more closely, acoustic couplers predated the Hayes modem by at least a decade. I don't know what the standard was for agreeing on a baud rate for earlier ones.
In my high school, we had teletypes akin to these for FORTRAN classes, and actual IBM keypunch machines for COBOL.
Our COBOL programs had to be submitted as a deck of cards wrapped with a rubber band. To ruin someone else's assignment, shuffle their deck and return it to the box.
