It sounds right to me. The one side you know is right because of the posted image, and yes, the other side plugs into a short rubber hose connected to that goldish colored contraption that has the 2 steel fuel lines connected to it. (fuel pressure regulator)
I think it only serves as a breather for the regulator, the reason it plugs into that rubber hose is that the air in that hose is filtered air, assuming the oil cap is on.
Gilly

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