Yes, that is code that will redirect your visitors to another site when specific conditions are met. Htaccess hacks are the most common and also the easiest to take care of. Simply deleting the code will take care of it.
Since it is coming back, however, this means you have access problems with your account. You will want to follow some steps to harden your account from hacker access.
I have a checklist here to secure your account. As the domain you mentioned is not with our hosting, there may be a few differences in the details, but the concept is the same.
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