Holes indeed allow air to the opposite side, but it's unsure at best whether the air moves laterally there; most probably, some turbulence-like effect provides cooling on the LED side near the holes, but it doesn't go very far, unless you install a protective glass which would divert the air sideways.
So, having holes could, in theory, double the surface area because the air can flow on the both sides, but the area loss from the holes needs to be subtracted from this number. The LED star heatsinks seem to bridge the holes and, in effect, make the holes smaller than they first appear, which is good. Maybe the holes could be slightly smaller to begin with, this would at least increase the contact area between the LED stars and the sheet.
In the end, the thermal design looks rather poor for 50W, and it's hard to say whether the holes have positive or negative effect, but probably they aren't going to either make or ruin the day.