Here is the part. 1st the Bosch tag. 2nd, the side shot showing one side tapered pipe thread and the other a flare fitting. 3rd, the end view of the part going into the pump. 4th, the other end view where the oil pipe attaches to.
Clearly there is something other than a small hole inside this device. If you blow into the flared fitting side as if it were oil pressure, there is some restriction. But I believe this is just because the 1mm or so hole is creating the restriction. Blowing the other way is a little strange. It is not a check valve in that the air flow is completely blocked. But is somewhat restricted. And it is not like it opens at whatever pressure, both sides flow at even the smallest of pressures. Now maybe at a higher pressure than my mouth can generate (which ain't much), the device shuts off going back into the oil line. Not sure and I am not going to risk ruining the part testing it.
The 1mm hole reminds me of the restriction used on an oil gauge fitting. And maybe the oil system on this side of the pump is similar to that in that the oil pressure builds and stays with very little actual oil flow. To create a sealing oil ring on the plungers to overcome the 220 or so PSI of the fuel, you would have to have a good amount of oil pressure.
So this device on the later pumps isn't a true check valve and not sure what you call it or what precisely it does. I do know that the valve on the earlier pumps is a check valve and I have taken that apart for cleaning. So it stands true that the oil line check valve was eliminated on the later pumps. But it was replaced by this part.