The Pinch point in a merge collector acts sort of like a check valve or more accurately a "backflow preventer"....the 4 high velocity "slugs" of header pipe exhaust are "rifle shot" past the pinch point in a merge collector and directly into a larger diameter downstream pipe, so the pinch in effect works like a check valve since the expanding ( and as a result slowing) exhaust won't very easily push back very effectively against the narrow/smaller diameter upstream pinch.
Not quite the same means of achieving the Bernoulli effect of a "conventional" header collector, but it seems to be more effective on higher RPM N/A Race motors that operate 100% of the time at RPMs above their torque peak.
Mufflers, headers/collectors, the key is all the same, trying to get that slug of spent gas out of the cylinder and past the exhaust valve as efficiently (and quickly) as possible for AS LONG AS POSSIBLE (keep the VE up) in the RPM range you want/need the motor to run in.
For a muffled true dual-purpose car the exhaust is always going to be a compromise in one way or the other (optimum sizing/routings/sound dB's/or overall weight)
Open headers with an optimum length collector is going to be as good as you can get, Guys who have it right don't drop a significant amount of ET with mufflers or without, although the tune to get there may still wind-up being a bit different.
A number of experts all told me thoughout the years (and I've found it to be true) that the first 4-6 inches of pipe past the head flange are far more important than all that happens beyond it. In a production chassis the bends required in the initial primary tubes (off the flange) are almost always a compromise.