The oscillation function is very simillar to famous LM555 circuit 555 timer IC - Wikipedia, the free encyclopedia
In page 4 of ir2155 datasheet you can see a block diagram.
So comparators set a comparison window and when voltage go above it, capasitor changing from charging to discharging state and all over again...
If you are talking about Mosfets Q1 and Q2 in your drawings: they are the powerMOS that will deliver signal to your load. IR2110 is there in order to drive those Mosfets. In simple words, when using PowerMosfets you need some more sophisticated circuit in order to switch it on and off.
As you can see there internal push-pull output stages inside the IR2110 that drive gate inputs of the Q1 and Q2.