Yup, that is one if the two airbox drains. In the book it's called the 'Water Drain, but I think you would have to be riding in a flood of biblical proportions for water of any quantity to get into the airbox. There is another drain at the front of the box on the bottom and it too should have a hose on it and both hoses should run down in front of the swingarm and be secured in a looped wire clip just inboard of the right hand footrest hanger plate. It is also important that they both be plugged as they drain from the 'Clean' side of the airbox and if unplugged or, as is so often the case, they have fractured along their length due to the crappy quality of the OE hose, then dirty, dusty air will be drawn up into the airbox where it will contaminate the throttlebodies leading to serious damage. The 50mm throttlebodies on the 1200's are particularly fragile in this respect so these hoses are particularly vital to maintain in good condition on these models.