If the water heater has a one valve bypass. THEN for sure there is a check valve on the hot water outlet side,, This is a must, to prevent it from backfilling when bypassed.
EVEN if it has a 3-valve system it MAY have said check valve.
Now, removing that valve may or may not be doable but you should be able to remove the pex from the outlet of the valve and gut the thing with a pair of needle nose pilars (If you do you must wintereize by the blow out method and/or install a 2nd check valve, you can get check valves all over town, (Plumbing supply or hardware).
I have seen this with my own eyes.