Under normal operation the bypass valve should be closed at all times, your engine will be getting protected from dirty fuel by the filter.
Without a bypass valve, if the filter becomes clogged with dirt, the fuel pressure to the engine will drop and the engine will become starved of fuel and possibly run lean. This could cause damage to a petrol (gas) engine.
The bypass valve is there to open in the event of a clogged filter. The contaminated fuel will bypass the filter, but the engine will be getting a normal supply of fuel. This is good for keeping the engine supplied, but bad that dirt is getting to the engine.
If you put a filter on that opens this valve too late due to having a higher pressure specification, you could cause the engine to be starved of fuel in the event of a clogged filter. This could be bad for the engine. If anything, you want a filter with a lower bypass valve opening pressure, but then you run the risk that it opens a lot sooner in its life and let’s dirty fuel through.