That is all perfectly normal, and it is to prevent the cold water in the calorifier expanding as it heats and eventually splitting the calorifier. If you also have an expansion vessel it would be, as you say, only operate in an emergency, like if the domestic water pump pressure switch stuck closed.
Sorry about the Montego bloomer, despite you making it clear it is a Volvo, I got it into my head that is was Perkins MC42. No idea why.
I can't see any hoses connected to the supposed lower section where the hoses connect or how/where it connects to the engine. I am not sure that external web is not just strengthening. I think that I would take one of the fittings off and probe to see if that chamber is split or not.