I came across this recently where, IIUC, the lowercase was superscript while the uppercase was normal or subscript.
What is this style called?
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Regardless of how it is achieved, it is called a "drop cap" or "dropped capital."
Your example without any other context suggests it is a sloppy hack to emulate the effect without having proper control of e.g. baseline offset caused by: ignorance; aesthetic choice; lack of software support; all of the above.
Normally, there would be one drop cap at the start of a paragraph only and usually only one per chapter or section. The fact that there are several in-line suggest an aesthetic choice.