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I’ve seen reference to adjusting this but can find no illustrations or instructions on how to do so.
Namely the external mounted versions (27.2 in my case), is there a valve under the hex bolt located under the seat clamp? Or is this bolt to be avoided at all costs?
There is no valve on the external posts, it’s a sealed cartridge inside.
Any with pressure adjustment have the valve where the bolt you are seeing is and it’s covered by a rubber cap.
What would happen if I undid that bolt, is it holding anything together?
The bolt is holding the top of the cartridge. Nothing will happen if you undo it.