Yes, you are correct Cam, but how does the Centripetal force effect the valve stem?
Centrifugal force is pretty much universally misunderstood. It's commonly thought to be what pushes things outward when they're in a rotating system, like clothes in a spin dryer. I've been guilty of using it that way myself because that's how most people conceptualise it, and I don't wanna confuse them. However, that general belief about as wrong as it can be. It's actually the reverse of what's going on.
Here comes a basic physics lesson. skip ahead if you know this stuff ...
Imagine for example that you're swinging a weight around over your head on the end of a piece of string. The commonly held belief is that there's a force pushing the weight outward, which keeps the string taut. But that's completely wrong. The only force acting on the weight is inwards, towards the centre of rotation. That force is provided by the string and it keeps the weight travelling in a circle. The proof that it's acting inward is elementary. A floppy piece of string can only act in tension, so it must be pulling the weight inward towards the centre of rotation. The weight wants to travel in a straight line. It's the inward force of the string that keeps deflecting it from the straight path and makes it travel in a circle. That inward force is called Centripetal force. It comes from Latin
vis centripeta, which means centre seeking.
Centrifugal force (from Latin
vis centrifuga meaning centrer-fleeing) is simply the equal and opposite force to centripetal, as demanded by Newton's 3rd law of motion. In the weight/string example it's the outward force exerted by the weight on the string. If that force is strong enough to break the string, the weight will no longer be under the influence of centripetal force, and it'll take off in a straight line in whatever direction it was going when the string broke (Newton's 1st law).
That's pretty much the gist of the physics.
So in the tyre valve situation, to be pedantically correct, there is actually no force pushing the valve open (or outward) when the wheel is rotating. Like the weight on the string, the only force acting on the valve plunger is centripetal force towards the centre of the wheel. That force is exerted on the valve plunger by the little valve spring, which in turn is supported by the valve stem (to answer your question about the role of the valve stem). The best way to get it to sink into your brain is to imagine what would happen if the rest of the wheel magically disappeared all of a sudden, so all that remains is the little valve plunger whizzing about in thin air. There would be nothing forcing the valve guts inward to travel in a circle and it would simply fly off in a straight line into the distance.
Centrifugal force in the tyre valve example is the outward force that the valve plunger exerts on the valve spring. If that force is sufficient to compress the spring, the valve will open and the tyre will deflate.