Is the hole there to stop the ink from drying?
It is mostly a safety feature.
The hole can allow limited airflow if the cap gets lodged in someone’s airway.
You noticed the tiny hole
That tiny hole is not just a manufacturing quirk. It is mainly a safety feature designed to allow limited airflow if a cap blocks someone's airway.
Quick answer
Pen caps have holes mainly for safety. If someone accidentally inhales a cap and it gets stuck in the airway, the hole can allow limited airflow and buy time until help arrives.
The hole does not make pen caps safe to chew, swallow, or inhale. It only reduces the chance of complete airway blockage.

Real purpose
Safety airflow
Common myth
Only for ink drying
Main risk
Cap stuck in airway
Still dangerous?
Yes
You noticed the tiny hole
A pen cap can still be dangerous if inhaled, swallowed, or stuck in the throat. The hole is a backup safety feature, not permission to put pen lids in your mouth.
Is the hole there to stop the ink from drying?
The hole can allow limited airflow if the cap gets lodged in someone’s airway.
Continue learning

You noticed the can tab
Another tiny hole with a completely different purpose.

You noticed the little bumps
Another small design detail hiding in plain sight.

You noticed the extra holes
Another useful hole most people ignore.