Yup. that's also a vent. if you plug it up, it may create a vacuume situation eventually causing a fuel dilivery problem. likewise the vapors need a place to expand. Like Peter said, thay have to go somewhere, like all over your rear deck, or interior, or push fuel past the float needles and cause flooding.
Modern cars have the charcoal canister at the end of that vent hose. (And if you overfill them, all that fuel saturates the charcoal and renders it usless)
In short, don't plug it. Just be a bit more reserved about filling up.