The petrol tank vent is basically there to let air in as the petrol level drops. However, inside the tank, you have a petrol saturated vapour pressure of about 10 psi and, because of the vent hole, this vapour will inevitably escape into the atmosphere. I would be surprised if the vent hole itself led to much of a smell of petrol but, if the petrol cap is not sealing properly because the seal has degraded, this could lead to a larger amount of petrol vapour venting. Therefore, worth checking the state of the seal.