It helps the liquid amass momentarily then exit more consistently and as you say draws the liquid out.
Quite correct.
Why do some tuners vent through short, open cut pipes?
This is where headaches are generated, if one starts to over think stuff to much.
Take Bob Carpenters headers for example, very short headers, at the other end of the scale CES have long headers, we know that they both work very well, how can that be

Of coarse Super Charged Engines are whole different ball game, Top Fuelers for example, the Blower is stuffing as much A/F in there as it possibly can, the Exhaust headers are purely directing the spent charge away from the ground.