No, that’s the magnetron. Normal microwave magnetrons have 2 power settings, on and off, and reducing the microwave’s power just means switching the magnetron on and off at different intervals.
An inverter just allows to keep the magnetron running at a lower power. Whether that has a better effect than just on/off-switching the magnetron I do not know, but it’s probably more energy efficient over long usage periods.
Not just that they have peaks and valleys, some things are simply not heated by microwaves. The ice crystals in frozen food are only heated by-proxy because the tiny amounts of already melted off water will heat up and melt more ice, so there is no benefit in blasting an ice cube at full power for 40 minutes.
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