Oops, looks like it is a diaphragm:
its a diaphragm. The behavior is not like you might expect, it isn't just a one-way valve. Its designed to close if there is high pressure in the IM. To test the behavior, I wrapped the holes in paper towels and blew in the bottom of it. Its a straight pass thru, both ways, until there's an impedance on the IM side. if you block it, it will seal, and remain sealed until you unblock The IM side, and or stop blowing.
I'm sure I'm just inviting the quote edits on that one. For science!
From my understanding, the idea is to allow the release of crankcase pressure into the IM. But, for those times in the cycle that the IM is highly pressurized, it closes, preventing any added pressure.