That’s a main drain - not an overflow drain.
usually (but not always) they are plumbed to the equipment pad and you have the option to pull water through the pump & filter via the main drain or the skimmers or a little of both by turning a valve. Perhaps yours operates this way?
Can you show us your equipment pad with any valves?
* Any functional drains in the pool should also have anti entrapment covers on them for swimmer safety. They make them in all sizes. If you show us what you have we can help you find a suitable cover. Or determine if you can simply cap it & isolate it completely.
An open pipe sounds dangerous & like algae heaven.
Exactly MD, it has no cover when I did the pool it was always open. I turned the valve at the end of it today and after one of the employees got a snake in from inside the pool to loosen whatever was in it up, quite a bit of brown green stuff came out for a few seconds when it was open. I closed it quite quick after the water was clear not to loose too much water from the pool. It was quite some pressure so whatever in it would have came out and the chlorine could mix more inside it to clean whatever is left. I plan on releasing more of it a bit at a time just to keep it fresh and chlorinated. It’s not as fancy as you explain and once open the water just runs outside into the garden below the pool. I will make a video soon and send.