The only real function of the CDR valve is as a safety to keep it from running away on oil fumes. In theory with the crankcase connected directly to the intake, if you where to block the intake badly enough, the resulting vacuum would cause the oil to vaporize and get sucked up and the engine would run on oil fumes, possibly causing a runaway. The valve acts to close off the vent port if you get a high enough vacuum - I think I figured it to be about 4" of water? It's high enough you shouldn't really get that much vacuum in the intake except with a plugged air filter.
If you look at the design there's no evidence it regulate crankcase pressure in any normal way or condenses oil. It's vented to atmospheric pressure on the back side, so any regulation occurs based on relative intake vacuum, not crankcase pressure except that positive crankcase pressure has a small impact due to the diaphragm design. If anything it's going to result in a moderate positive crankcase pressure, not negative as in a gasser. Likewise, it's nothing but a can with 2 holes - if it was designed to condense or separate oil you'd have a much different design with baffles, likely a separate oil drain line and either a large volume or some sort of mesh or packing to give a large surface area for oil to condense on. In fact, the tube going to the valley pan protrudes into the can about 1/4", so there's any oil that does condense would just pool in the bottom and then it would have to run back down through the same tube blowby is flowing up - not a good design for oil separation.