As an answer to your very last question, no. When equipped, the purge valve (Volvo's air valve) connects in the line between the cannister purge port and the intake manifold to control when vacuum is applied to the cannister to purge the carbon granules.
On the original B20E evap cannister, the complete bottom of the cannister is covered with a mesh filter to allow fresh air to enter the cannister for the purpose of purging the carbon granules or allow air into the tank as fuel is used.
On the GM style cannister, the port marked air is just the fresh air intake for purging. On most GM applications, there is actually a little splash shield that snaps over the end of the port to try and reduce the chance of stuff getting splashed up and sucked into the port. You could probably install a short section of tubing bent down to do the same function or run the tube up into some protected area.
This is the design of the B20E evap system from the 1971 service manual.
Look carefully at the diagram and the purge port on the intake manifold appears to be located just in front of the throttle plate. I went out and had a look at my car and confirmed that it is perhaps 2-3 mm in front of the plate. This means that at idle there will be a very low / no vacuum on the purge line and little to no purge activity taking place. Most of the purge activity will have to occur when the throttle is just open enough so that the throttle plate is over the port opening; but, not completely open which is when manifold vacuum just about completely disappears.
The B20E evap cannister has a very large intake opening (the whole bottom of the can). This might be because it is designed to operate with lower vacuum on the purge line. The GM cannister has a smaller fresh air inlet and is probably designed for a higher purge vacuum so it may not purge as effectively with low vacuum. However, that is probably academic since the original Volvo cannister design is no longer available and we need to look for the next best alternative.
In thinking about the evap system designs which use a purge valve that purges using pure manifold vacuum, it occurred to me that purge air flow is going to look like false air which will affect idle speed. The B20E evap connection with the purge port in front of the throttle plate eliminates that particular problem.
The final note is that I only have the service manual for the 1971 B20E. You would need to check your car or a 1972 or 1973 service manual to confirm that the evap system on the B20F is set up the same way.