Contrary to later light machineguns with the magazine on top, like the Zb.26/Bren, the magazine well is NOT centered with offset sights, rather the well is offset instead, so the sights stay in the center. Bipods varied with time, but was one of those things which was improved, early ones being kind of trash, but later ones being very good.
Here's a video showing a cutaway 3D model in action, as the mechanics are a bit difficult to envision from reading text:
https://www.youtube.com/watch?v=NY-Uj7wttFcIn some ways it's complex, in other ways it's pretty simple. All the steps in its cycling does end up making the rate of fire pretty slow and easy compared to many other light machineguns (typically around 500rpm), but the thing is also a bit heavy for its class, and also pretty expensive to make.
Pictured is a Finnish contract m/20 gun, chambered of course for 7.62x54mmR, the rimmed rifle cartridge in the long single-stack magazine of 25 to 30 rounds (probably just 25) makes it quite a sight. This gun has one of the nicer bipods, making it rather user friendly.