Does this give me a code to use on Steam for PC?

No. This code only works for a W10 and and Xbox One store copy. The game is a Play Anywhere title so you will get one copy for both W10 store and XBO.

Is this a code that will be emailed on release date? Or is it a physical code card mailed to my address?

From New Tech support - it is a digital code that will be e-mailed to you after purchasing.

Questions & Answers: Cuphead Xbox One / Windows 10 [Digital Code]

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Cuphead Xbox One / Windows 10 [Digital Code]

Microsoft
ESRB Rating E - Everyone (Mild Fantasy Violence, Alcohol and Tobacco Reference)
Genre Action
DRM XBOX One / Windows

$19^.99 –