It's just that, a noisemaker. As air passes through it, it's supposed to make your car sound more throaty. I'd definitely recommend removing it as it presents an opportunity for air to leak.
That aftermarket pipe should be fine if you want to spend the cash. Or, for about $10 just fill the hole with a Dorman plug. Check my old posts. Somewhere a long time ago, I posted the Dorman part #. I've been using it for years with no issues.
I happened to be close to the factory part in the shop when I noticed this post. Here's the hole size you need to fill when you remove it.
View attachment 88770
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