What does this part do? Marked in red, has a hose going from it.

Pic borrowed from the interwebz
I was checking blue temp sensor as I have difficulty starting car now due as it got cold. And while getting to it noticed that hose in picture had a rip, so I wanted to check it better and it just snapped... I assume it was never changed so 20 years old... So now its broken at place I marked in green.
Question 1: what does that part do? And can I drive with it broken while I get new hose?
Q2: Ohms at sensor and at ECU plug were 230-240 ohms when hot, wiki sais should be about 330 ohms. Car didn't cool down all way before it got too dark, so will check cold tomorrow, but this looks like sensor is bad? And wiring itself good





