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  1. Since the big hole is right in the middle of the “arc” between the stays, I’d say it’s just a basic way of removing material without compromising the strength, to save weight. It looks placed exactly like the more refined holes you can see in the pic here :https://www.sheldonbrown.com/no-derailers.html in the “vertical dropouts” section

    The smaller hole is for mounting a fender and/or rack, but you probably weren’t asking about that.

    As for it accommodating something akin to a through axle, I don’t see it. Especially since you’d have no way of setting the chain tension

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