Whatever is covering the sound hole on the Acoustic, is probably a "Feedback Buster". So yeah, it probably does keep a little of the sound inside!
A Feedback Buster helps dampen the guitars vibrations, so they don't feedback so much. Really helps when you're playing with a lot of volume.
Early 80's 1957 U.S. Vintage Reissue Stratocaster (Surf Green)-Warmouth Soloist Pearly Gates Neck, Pearly Gates Bridge- Larrivee D-03 (Mahogany/ Spruce)
Carmen Ghia Head- Marshall 112 Cab W/G12H 30 or Custom 4 X 6v6 Head or Budda Twinmaster Plus Head-Traynor 212 Cab w/Eminence Texas Heats.
Mo'D-Eternity-Blues Pro- Timmy-BYOC Chorus/Vibrato- TC SCF- Korg DT 10 Pedal Tuner