Well, yes and no. The ‘Glass Mat’ into which the acid is ‘Absorbed’ can be thought of as a fiberglass sponge. Just like a sponge, if you shake it or squeeze it, liquid will drip out. In a venting situation (which is a “catastrophic event” IMHO), it is unlikely the gas will form right at the vent, so it will ‘push’ some of the liquid out of the ‘sponge’ and then it can come out of the vent.
That being said, a standard qualification test for automotive AGM batteries is to drill a series of 6 mm (~1/4") holes in the bottom of the case, and NO acid may come out at all. So yes, the acid really does stay in there most of the time.
Now that being said, charge your batteries - Gel, AGM, and conventional -upright please. Spewing acid is not a national emergency, but someone could get hurt.