If the plug is in line with the touch hole on a flintlock, it could be plugging up the hole that was used to form a Nock's Patent Breech. Notice in the picture below, to make the anti-chamber, a larger hole was drilled and plugged. On a single barrel gun it would be like the lower barrel in the picture.
Even if the gun didn't have a true Nock's Patent breech, a hole will be drilled thru the bore to the opposite side to remove some of the wall material where the touch hole is drilled. This makes for a very short touch hole which improves a flintlock's reliability.
In the case of a percussion gun, the plugged hole may be the remains of the drilled hole that connects the base of the nipple hole on the opposite side of the barrel, to the bore of the gun.
Thompson Center and others drilled this connecting hole from the nipple side of the barrel and plugged it with a screw that many people call, "a clean-out hole".
edit: Blow Out Holes:
I don't know of any gun maker who would intentionally install a "blow out plug" in a barrel. It doesn't take much imagination to realize that any type of "blow out plug" would be very harmful to anyone standing in line with it when it blew out of a overloaded barrel. Besides that, in the days that the original guns were made the metallurgical properties of the iron used to make guns varied making it almost impossible to calculate and build a plug that would be safe with normal powder loads but would blow out if excessive pressures were encountered.
In other words, I think the idea of a "blow out plug" is totally wrong.