Yes. It's an adjective phrase. It's two conjoined adjectives (or adjective phrases), forming a larger adjective phrase.
Of course syntactic theories may treat coordination in complex ways (such as calling it a "Conjunction Phrase") but it behaves externally like an adjective phrase because it can act like an adjective.
As for how those words combine, you might look into either binomials or hendiadys because that's possibly a frozen combination that isn't entirely compositional. (It can still be treated literally, but it's sort of like a renaming, so a type of hendiadys.)
