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Often times back in the day a tech would replace one section of a can (when just that section died) by disconnecting the wire to that section's positive terminal, deleting the wire and adding a new cap on the far end of the deleted wire. Look at the hold control (and any points connected directly to it by wire) odds are a newer replacement cap was connected elsewhere by a repair tech.
If the blank terminal appears to never had solder added to it then maybe it was not connected due to a production change or factory wiring error (yes I've seen Zeniths with factory wiring errors). But if a wire was soldered on and removed then my first paragraph is the likely scenario.
Without the schematic, it is hard to definitely say what lack of that cap would do. A lytic is normally for filtering not RC frequency setting. Odds are without it there would be more noise in the circuits it is on...Sometimes that leads to major issues sometimes only minor ones...Zenith sets have a reputation among repair techs of being able to do a damn good job of feigning normal operation despite some major component failure that normally would take out other brands.
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