On my last camper, that plastic strip kept popping out. I never lost it due to wind on the road, but it was not caught at the top or the bottom. I put up with this for 8 years. I know lots of water went under that plastic strip. It didn't hurt anything. That strip really does very little to keep water and humidity out. The screws will still rust up, regardless of the cover or not.
Advise! Don't mess with the screws UNLESS you see they are backing out or are loose. Taking them out and replacing because the screw head has a bit of rust will only weaken the wood behind the screw, making the next screw even weaker. If you have to replace a screw and it does no hold because the wood behind is now broken out, simply drill a small hole in the metal near the original hole, just enough to penetrate the metal, and then use a new screw. Put some putty over the old screw hole. But REALLY! There no need to replace those screws.
And... to answer your question.... that plastic strip is for aesthetics. It really does very little by way of an actual "function". Kind of like artificial shutters attached to your house. They serve no functional purpose, because they are attached permanently against the outside wall of your house. But they do make the house look better!