My 96 ran 186-188 with the jiggle valve at 12 like all normal jiggle valves get installed at. It’s job is to allow a place for air to escape during the filling process. After the system is filled its job is done.
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Toyota 4Runner 3.4L instructions on ProDemand state jiggle valve should be located at 6 o'clock position. To each their own. Multiple threads on this forum stating a big difference in coolant temps based on jiggle valve locations. whether the change was from the proper orientation of the jiggle valve or doing a better job purging the cooling system is up for debate.