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I follow the owner on Instagram. He has quite a bit of racing videos posted hes fbo and hes beating fbo sti, fbo 335i, fbo 370z, etc. So I would assume his car is a pretty fast is350 so I believe its functional. Does look badass as well.
I know the owner personally lol, the purpose is only for looks , but it does get some air in there.
It looks to be near the front crash bar. The air coming into the air box area is negligible. As the airbox is behind the headlight. If you have a Fsport lower airbox. It's pretty much for looks indeed.