It is easy to understand why a smaller front cap bore would slow down air exit and have less noise escape from the moderator. With that as a foundation, it is my contention that any side vent holes, with a combined area large enough to flow enough air, to reduce the report coming from the front cap bore, would increase the noise towards the sides of the muffler. Any collection of side vents so small that it does not increase the noise level towards the sides, will subtract nothing from the noise exiting the front cap bore.
Anyone that points out the myriad of well vented tubes inside a engine muffler, needs to understand that those flow into an enclosed casing. That there are never any "side vent" holes on the outer casing of an effective engine muffler. In similar fashion, the metal screen that hold felt or foam inside a DFL moderator is acting like the vented tubes inside an engine muffler. Those work because the vent gas from one internal space through a partial restriction, into another internal space.
The vents on factory made airgun moderators use a few very tiny holes, mostly blanked off by felt on the inside. So practically speaking they don't flow enough air in the few tenths of a seconds that an airgun moderator does most of its work to make any difference. Their effect is mostly psychological. And their primary function to get you to buy a sophisticated looking device. A such, it matters not if the vent holes are at the front or rear end of the muffler. Nor if the holes are placed in straight or curved lines; flush with the OD, or sunk into shallow grooves. As long as they look groovy; mission accomplished.