The opening to the cockpit ...
looks like it is at seat level, several inches above the water line. The water line appears to be just above the first block coming off the centerboard, and about the same level as the second block, where the channel goes vertical. Inside the channel, the water will only seek the level that is equal to the water level outside the boat.If you punched a hole in the bottom of the cockpit (below the outside water line) to the channel, then your boat would fill with water.As it is, when you are sailing, the water only goes up the channel to the water line. Those two blocks may be underwater. If you were heeling way over, I suppose there may be a chance that a little water would splash up thru the channel, but that would only be temporary and a small amount, and it would have to be pretty extreme.