No it was probably used in the summer to keep the extra heat out of the p***enger compartment byp***ing the heater core.
Last summer had some overheating problems one day on my old flathead and opened the valve for a little more cooling to the engine. It helped but got freaken hot in the cab. I haven't open the valve on the new FH and there is no flow or heat retrictions in that area of the head. As matter of fact the right head is generally a few degs cooler.