Of course it just swings on that bolt. It’s just a pivot as Coatesy says.
It’s a shadow so it will have in order running from drop out to lower jockey wheel:
1. Bolt to mech hanger which bolts the link part horizontal pointing backwards.
2. Free to swing pivot bolt (this is the bolt which attaches it to the frame on the ‘new standard’ shimano mechs without the little link part)
3. 1st spring pivot point at one side of the X part.
4. 2nd pivot point at the other end of the spring.
5. Pivot at the other end of the X.
6. Pivot point inline with the top jockey axle which has a rotary spring.
7. Bttom jockey axle.
It is the chain which acts as the spring acting on the pivot in question to stop it dangling.