Thanks guys!
Yes I figured it should be connected, so that's actually what I did while waiting for help from SS.
I am 99.9% sure that the previous owner did not have a boost gauge installed as it used to be a company car which needs to be fully stock spec. There are no evidence (i.e. small holes or the like) of a gauge having been installed either.
I think I or a mechanic might have disconnected the hose by accident in the past when fiddling around in the engine compartment.
I just connected it to the plastic fitting on the bottomside of the intake manifold cover. It fits fairly snug - so is this how it should be fitted or is it supposed to have a small clamp on it as well?
I have not noticed any performance issues at all in terms of acceleration or pick up. I have however experienced a little bit worse gas mileage at certain speed ranges. And this happened just after I changed my spark plugs (OEM) and I was thinking it was because of plugs. Perhaps this will be fixed now. Chances are I accidentally pulled the hose when removing the engine cover for the spark plug job.
Now that the hose is back on I immediately noticed one thing though. When accelerating slowly from stand still, once the revs reach 1900 RPM there is a nice subtle whistle up to around 2500 RPM. Is this sound turbo or intake related? Either way, it sounds cool and now that I think about it, I remember hearing this in the past as well
EDIT: So if I understand this right, the hose is connected to the bypass valve and relieves the pressure from the turbo as necessary - yes? The pressure is then routed to the intake manifold and reused? If so, I guess it should not cause major issues if the pressure is just let out into open air as has been the case, before I connected the hose again?