Yes, that part activates the throttle lock mechanism. It is supposed to put pressure on the throttle tube so that the return tension of the carb springs will be compensated, allowing for less return action all the way to holding the throttle on, depending on how much tension is dialed-in on the knob/screw. This screw bears down on other parts to provide the friction to resist the carb spring tension - part #8 in your diagram I believe. You need to check and see if that part is there.
For safety reasons (e.g. preventing locked-up wide-open throttle) I don't believe this adjustment screw was included on all market areas. It is however, installed on my 1974 350F that was sold here in Canada.