Use of Ingress with service of type LoadBalancer on Kind

I had found a definition, when reviewing a project, that intrigued me: the use of Ingress with a Service of type LoadBalancer without installing the load balancer itself on Kind. As defined, it seems to work but I don't know why. I say that it works because I'm able to curl the application on browser as expected.

Code:

apiVersion: apps/v1
kind: Deployment
metadata:
  name: server
  labels:
    app: server
spec:
  replicas: 1
  selector:
    matchLabels:
      app: server
  template:
    metadata:
      labels:
        app: server
    spec:
      containers:
      - name: server
        image: localhost:5000/server:2.0
---
apiVersion: v1
kind: Service
metadata:
  creationTimestamp: null
  labels:
    app: server
  name: server
spec:
  type: LoadBalancer
  selector:
    app: server
  ports:
    - port: 8080
      targetPort: 8080
---
apiVersion: networking.k8s.io/v1
kind: Ingress
metadata:
  name: server
  annotations:
    kubernetes.io/ingress.class: nginx
    nginx.ingress.kubernetes.io/rewrite-target: /
spec:
  rules:
  - http:
      paths:
      - path: /
        pathType: Prefix
        backend:
          service:
            name: server
            port:
              number: 8080

I thought that hitting a Ingress and then the LoadBalancer would cause some redirect issue. My choice for that case would be a simple ClusterIP instead, this answer agrees. If MetalLB is not installed on the cluster, what the LoadBalancer do here? This may have a point for wanting something like that, but as far as I know, the load balancer by itself is a resource outside the cluster, i.e: a cloud provider load balancer.