Exactly this. Here's some more in depth info. Courtsey of
@slantsixdan
As for the gas cap. The stock gas cap is not vented. It is a pressure/vacuum fill cap. Here's the excerpt out of the manual:
View attachment 1715046427
View attachment 1715046428
And some more info courtsey of
@slantsixdan
On my car, 72 scamp, that line is just cut off shortly after the metal pipe in the engine bay. It's never cause me any problems. But it's on my list of things to fix. I am probably going to either use it as a return line when I do my EFI and vent the tank differently. Or leave it as a vent with a filter of some kind. I'm not sure which way I am going to go yet. But am leaning towards turning it into a return and venting the tank differently.