It's the vacuum ejector exhaust port, same on the double chimney Kings. The ejector is back by the cab, the steam exhaust from it runs together with the right hand boiler handrail, visible in the photo, which is why the right hand appears larger than the left side, and into the smokebox. It commonly had wisps of steam when stationary as in the photograph, and when fully opened to blow the brakes off before departure was responsible for the "rude noise" (as in 'raspberry') that ex-GWR locos make.
GWR locos did not have two ejectors, large (blow the brakes off) and small (maintain vacuum when running), they just had one, effectively the large one, and a vacuum pump attached to the left hand crosshead to maintain vacuum continuously when running. If we are speaking about noises this is what made the "tiff" noise once per revolution, rapid staccato when coasting at speed, slow and drawn out when backing on to a train.