But since it is all one sided, doesn't that mean everything is on the inside of it, including the entire universe?
It is a 2D surface that doesn't completely enclose a volume
Of course it doesn't have an inside an an outside.
The best you can do with a 2D surface is say whether a point is above it, below it, or on it, but that is only when the surface is essentially a height as a function of x and y. Vertical tangent planes kinda mess that up.
There is nothing mathematically revolutionary about this. If you want to go ahead and say that it goes forward and backward through a 4th spatial dimension to avoid intersecting itself, then fine whatever, that would still be no difference from 3D space since it is still a 2D surface.
Modern math and physics has no problem describing and manipulating such shapes.