Stig, the thing inside the valve cover is called breather separator. the exit nipple and black hose then is routed to the intake side of the carburetor. Some motors have it in the air hose, from the air cleaner box, (after the air filter) directly into the carb. Others have the black hose go into the air box itself, (before the air cleaner filter) If it connects to the air box, then there is a recess under the filter element to trap what ever oily mist gets pass the breather separator and that clear, plugged hose hanging down is where that oily miss collects The oily mist that does get separated inside the valve cover drains back into the crankcase. Yes there is a one-way valve coming out of the valve cover
I have a way of explaining things, that some times gets folks more confussed, but I hope, in this case, you can understand what I'm trying to say.
Mac