Definitely no -- do not open the container. The process works because the wine continues to emit CO2, which pushes the air out through the airlock. This provides a cushion to protect the wine during EM. If you open the container, the wine loses protection and is subject to oxidation.
Color, flavor, and aroma are extracted from the must during the first 2 to 5 days of fermentation, then the rate drops off dramatically. I found several sources that said the same thing. OTOH, tannin continues to extract over a longer period -- weeks or even months.
In Burgundy, EM last up to 90 days, producing a long aging wine. This is great if you want to wait 5 to 10 years to drink the wine.
Sources in the USA state the tannin mellow over an extended period (let's say 8 weeks), so initially harsh tannins soften, and folks on this forum back that up. However, I'm cautious in jumping on the EM bandwagon (or any bandwagon for that matter).
During a 2 week fermentation period the wine completes fermentation and the gross lees (grape solids) drop, and there is a short EM, pulling some tannin from the skins and seeds. Note that FWK does the same process for whites, where the fermentation simply completes.
IME so far, this enables me to cut a racking out of my process, since I'm not racking right after fermentation and then racking again in 1 to 3 weeks.
I agree with
@CDrew, in that it's not necessary to throw the kitchen sink into winemaking. For reds I add fermentation (medium toast shredded) oak and ColorPro, which extracts great color, flavor, and aroma, and maintains the color. I use aging oak for flavoring, but generally don't do anything else, as I don't feel the need.
Note that there's nothing wrong with trying every technique, but IMO there are diminishing returns. Keep it simple.