The cap you have is probably "vented". To verify, check underneith and see if there are holes all the way around the perimeter. If there are, it's "vented".
A PCV valve is a Positive Crankcase Ventilation valve that allows the excess gasses and pressure in the engine to escape so it doesn't destroy itself. Old engines used a Road Draft Tube that just vented the pressure and gasses to the atmosphere. After the EPA came on board, car manufacturers couldn't do that anymore, so they had to vent the gases/pressure some other way. The Chevrolet system uses a PCV valve and a hose that allows the gasses/pressure to leave the engine and travel into the carburetor, where it's burned in the combustion cycle. There's also another hose on the other valve cover that goes to the air cleaner. (see both the PCV side - numbers 8, 9, 10 and 11, and the Air Cleaner side - numbers 11, 14 and 16 in the example below)
What you have is basically a vent that allows the pressure and gasses to escape to the atmosphere. Not "correct", nor is it legal in the strictest sense, but it works.
If you're "restoring" the car, then yes, you should install the PCV valve, the rubber hose going to the carburetor and the proper clamps. All are available in reproduction.
Ed