it may be done to remove all of the casting sand from the inside passages in the head.
could be for removing air when filling coolant so it does not get steam pockets waiting for t-stat to open and burp the air out.
could be for an indust engine with a temp sender or water take off for heating up carb choke/intake.
could be for oil cooler return or supply maybe.
but,knowing what passage it taps into such as water/oil/exhaust would help.
my 77 452 heads with peanut plugs from a motorhome,has a pug on one end of the front driver side head,but smaller than those in your pics.
the spare 452 set I bought has the machined area but no plug on either of them, I cant seem to find the reason it is there either.
what yr are the 915 heads?