As Dave said, that is an anti-siphon valve. They can fail if they freeze, but normally the result is that they leak out the top rather than restrict the water flow. I would suspect low water pressure, which could be from a variety of sources (i.e. someone opened a fire hydrant so the kids can play in the water, neighbors filling their swimming pool, etc).
If you get the same results from a different spigot (if no other outside faucet, may want to try the laundry sink, etc), you may want to call the county/city utilities department to see if they have any idea for the loss of water pressure. (maintenance on a water tower, repairing a break, etc) Could also just be high usage at the particular time you were trying to water. See what it does later in the evening or early in the morning.
I suspect low pressure coming to your house based on what you said on the sink and shower. Many new shower heads are water efficient, so give a good spray with less volume. The kitchen sink probably is not so designed so would be more noticeable than the shower, and the outside spigot is a larger diameter line than either of the other two, so a loss in pressure/lower volume, would be more noticeable on the outside spigot (especially with a 5-gal-per-minute capacity sprinkler attached). If that's the case, a plumber will not be able to help. (but will probably charge for the call).
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