Could it accommodate a drainage hose? Lots of AC units above doors (to shops, for instance) have 'em. I suppose there's often more water in the air than can be utilized by the AC. They always drip.
That cover looks homemade. Underneath you'll likely find a homemade hole that someone later realized was a bad idea.
The ones that drain from the front should have a stub tube there that a drain hose can be attached to. If it doesn't drain from the front the drain nipple is on the bottom.
Also they're made to sit nearly level in the window, leaning only slightly toward the outside. Very common mistake to have it tilted down too far, then the water goes where it shouldn't.
Seems like a complicated way to plug a hole. The ones I had just had a simple plastic plug. A separate plug with a hose adapter fitting was in the box.