I have a '77 CB550, the airbox setups are identical. When I first had my bike running I didn't have this hose connected (oversight) and noticed a fair amount of smoke escaping. Since that point, I rebuilt the top end: honed cylinders, new rings, reground valves, valve seals, etc., checking specs on everything of course, and I've gone to pods (I was missing many parts for the airbox, couple of holes to boot, so I may be reworking it this winter to go back to the stock system). I have a filter on the end of the breather hose as it stands. The smoke escaping was reduced after addressing the top end, and here is what I found with my engine: it was a combination of old dry valve seals, poorly sealing valve seats and ring gaps out of spec. Compression before rebuild was around 115-130 (mind you with a fairly long hose) and after was 145, even with the long hose/adapter setup.
I'd say do a compression test and from there it might be your own personal judgment on whether to go in and check specs.