It makes sense, but the cooler won't get full oil flow... doubt that it needs it though. A check valve? Flow can only be one way so why? Oil comes into the bottom of the plate instead of directly into the filter cover, without the hole it would go through the cooler and back into filter case then the filtered oil into the "bolt". The hole bypasses the cooler in case it somehow (?) gets plugged, but the cooler will still get oil flow and do what cooling it can.
Mine does not have any bypass hole but I haven't had any oil pressure problems as far as I can tell. Maybe it's in case a cooler hose gets kinked?