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it allows fresh air into the engine, on the backside the pcv then allows inert air to get sucked into the intake off idle to lower combustion temps and NOX. If you don't like it you can put a small filter off the valve cover. Guys with catch cans often completely **** up the system leading to other issues. The crankcase should not be air tight, it needs this, a vent, or ideally a vacuum on it.
The air goes from the rubber air intake tube, into valve cover then down to the crankcase/block then up through the pvc then to the intake manifold where it can take up space(not burn/lower combustion temps).
It's the fresh air feed for the PCV system.
PCV system not only removes blowby and keeps other bypass gasses out of the engine but burns them by feeding them into the intake manifold to be burned.
PCV system also aids in sealing the engine from oil leaks by reducing pressure in the crankcase.
PCV system also keeps the ring seal on the pistons stabilized for better compression/combustion.