No it drains to the sump.
Seconded. - Oil should be scavenged and returned to the sump, and crank case emissions can be sucked through the turbo and burnt.
The crank case needs to breath, and although you can remove the PCV you can't remove this one.
Like Rob, I've never seen the need to fiddle with this. However, fitting a catch can allows you to see how much oil blow-by you're getting; perhaps as an early warning that the rings are on the way out? - It is just a can, so I've seen plenty of people with things like empty beer cans rather than (expensive) shiny metal pieces.