Yeah, Dave, the bypass flow generally goes directly back to the sump and thereby bypassing the filter. On my UK Ford based engines the pump bypass is blanked off with a core plug and, of course, on the dry sump pumps there is only a small drilling to lube the gear drive on the jack shaft/camshaft. (It's pretty obvious that there is no bypass on externally driven pumps).
Most oil filters have built in bypass valves so if you want a true "full filtration" filter, check the specs. On regular "high filtration" filters, as low as 5 micron but generally around 25, full flow never happens. Over the average of many miles and hours, it is assumed that all the oil eventually goes through the filter media. That is not what I need for a race engine, for sure. A high flow/low filtration race type will do it for me. All I need catch is the "big chunks". It's uncommon for a race engine to see 100 hours of service without a teardown. Indeed, my last one only did 16 hours!!!
Rod