Yup, it is a 32 bit machine loosly based on the A1200.. but some bright spark at Commodore decided to use a single 16 bit rom (maybe the usual cost cutting?) and setup the hardware to only do 16bit reads at the rom addresses.
The PCB has the holes for a second socket, and the schematics show that you just need to install a 74F125 at XU1 and change the jumper XJ1 to get it working in 32bit mode....erm and split the rom into 2 chips!