remember grease/paste is oil held in suspension. during use some oil will come out of suspension.
one of the reasons Honda specifies moly grease/paste. the moly will plate the metal providing protection.
I still contend that the hole is mainly for ventilation/oil expansion in conjunction with the top case vent. the rear diff gets very hot during operation.
the installed position of the rear diff puts that hole above the oil level. making it difficult for gear oil to get to the pinion cup.
On a side note, I brought my bike new, so first tire change @13k, I thought I saw rust. however on closer inspection with an eye piece I realized that it actually was copper anti-seize with the moly paste. so now I always put thin coat of copper anti-seize and then the moly paste or grease as called out for by the manual. this was also the same for the splines.
read up on why copper anti-seize is so good to use esp on sliding parts.
I agree with you CA and I also use the copper anti-seize on the clean splines first before the moly. I also change the rear end lube each spring while doing all the driveline splines. The little bit of lube the rear uses will not brake the bank.