looks to me like a basic shape layout was rendered from a mesh unwrapped with cylindrical coordinates and then a mix of filters and hand painted layer masks for the various channels.
In term of what the intention of what it is doing… I can’t really comment on that but to me it appears to be using several bumpoffset layers combined with some psuedo random reflection brightness changes to give the appearance of lots of complex refraction interactions. The refraction that the engine calculates is pretty basic so the shader attemps to mimic the effect you would get by a more advanced ray trace. So textures that have lots of little detailed glints with bump offets cause the glints to get brighter and darker as they either overlap or mask eachother. Then the dot product uses sine to give it lots of ripples of light and dark.
All of the little sparkle detail and refraction here is emissive. For a look at how to do that without using emissive I posted some code changes in this thread:
https://forums.unrealengine.com/showthread.php?104776-Advanced-Glass-Material-WIP