I think you are overthinking it a bit - automatic cutoff nozzles were unheard of when the Series 2/3 tank was designed.  The breather is there simply because without it, particularly when the tank reaches full while refuelling, and especially if leaning a bit that way, the air escaping from the fuel going in has to come out the same hole as fuel is going in, so it is going to spit fuel back at you. 
Venting for air to replace fuel as it is used, and with changes in temperature, comes in through the vented cap - except in the case of late model Series 3, where the venting is separate and via a charcoal cannister - but it still allows the air to come out separately from the fuel going in when refuelling.
				
			 
			
		 
			
				
			
			
				John
JDNSW
1986 110 County 3.9 diesel
1970 2a 109 2.25 petrol
			
			
		 
	
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