No it was probably used in the summer to keep the extra heat out of the passenger compartment bypassing 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.