That’s not an easy-access hood, it an easy-egress hood. The hole’s there so that the strut has a place to go when it tears through the top mount. Without it, a catapulting strut would’ve bent the hood in such a way that it would likely jam the hood latch.

Drag isn’t all. Too much air coming in the front also yields substantial front-end lift making the steering light and the car darty at highway speeds and above. Want to make a 70s car handle well at speed? Close off most of its grille.