More like all the air out. . . or virtually all of it.
Mesh heads have zero resonance. These heads with a rebound feel and "silence" that have been used on electronic kits and practice sets have also been marketed for use on the resonance side. ('outside' or audience side)

The idea for this use is to give the drum a 70's open head sound with the aesthetics of a complete look to the drum. The sound of a kick outfitted with mesh would be the thumpy open head sound. ie no interplay between heads for the drum to resound.

Cut-out holes provide some venting but the primary reason for those is to maintain resonance while allowing access to the interior for mic-ing.