You can see what looks like a dog bone and shock in the photo probably has air ride.
You are right, if I look at the frame, I can see that.
But, I cannot understand where is the rear wheel travel.
I see what you mean, looks like the rear fender doesn't have any travel left. He probably let all the air out and lowered it to the max for the photo shoot.
I used to own a Vulcan 800, which is what that bike is I'm pretty sure, might be a 900, can't tell, too many custom parts! They actually have a lot of rake. Not as much as a Raider, but not too far off. The engine isn't nearly as powerful, but they're still pretty quick since they weight almost 200 lbs less.
Very nice looking bike. The front end looks amazing.