You are exactly right: the two wires (one male, one female bullet) must be plugged in together for the car to function correctly. That said, if you do not pass the wire through the loop at the back of the 65 (65-only style ammeter gauge), the ammeter will not work, but the car will just fine.
That line carries all of the hot signals from the battery to the fuse box, ignition switch, and headlight switch. The good part of this design is that if the ammeter is bad, the car still works. The bad part of the design is that the ammeter rarely works as intended.
Does this answer your question?