Somewhere I've got a document on the PCV valve. As I recall, it serves as both a check valve to keep fuel/air from being sucked into the crankcase during WOT and as a regulator to limit how low the crankcase pressure can go. Maybe it also restricts flow, don't recall for sure.
The concept is sound, to suck any crankcase fumes or blowby into the intake so it can be burned instead of being dumped into the air. But IMO, Triumph blew it on the execution. The biggest problem happens when you mash on the loud pedal, blowby goes to maximum but there is no manifold vacuum to suck it through the PCV. Pressure builds up in the crankcase, and blows oil out through every seam and seal.
The second problem is more subtle, but still unpleasant. Since there is no fresh air being admitted to the crankcase, it eventually fills with blowby (at somewhat lower pressure than ambient) which eventually condenses to form varnish and acid.
PS, No, it doesn't help with oil separation. There is supposed to be wire mesh inside the rocker cover for that.