99% understood. To confirm, that means that air could go either way through the filter/catch can into or out of the crankcase in order to normalize crankcase pressure to whatever is needed as there would be no check valves or PCV valves anywhere in the system.
Correct. It will be at atmospheric until you are in boost. Then you’ll have crankcase pressure. The goal is to let the pressure out as easily as possible and catch any oil mist at the same time.