There are two styles for the 5th gens. Some of them are like the 6th gens/tegs and go top to bottom, and the others are the good old top in top out style. My buddy's 94 cx has the top in top out style, and my 95 Si has the top bottom style... Mine is almost at a 45 degree angle.
Think of it like this. You got your fuel pump pushing fuel into the filter. Even if there is an air buble in there, you still have the same pressure because of the force of the pump. So, with the same pressure, where else can the fuel go but out the only other exit on the filter? You got it! OUT THE FILTER!!!! All is well. Simple physics and flow.