Stupid question I just got an instant pot and trying it out for the first time, is it supposed to…

Only if it’s set to vent and not sealed

Depends. If you're pressure cooking no. If you're using any settings or recipes that don't require pressure cooking, yes.

Overall steam is okay to come out of the valve if open.

Not while it’s cooking. It should be set to sealing while cooking and venting after the foods done depending on if you are supposed to release the pressure naturally or do a quick release

Oh, and that’s assuming you’re using it as a pressure cooker

Thanks everyone I think I figured it out! Lol