Further.....
1. The substitute material is available in small rolls, so there's no need to purchase a large quantity. In construction, residential, it is commonly referred to as window flashing. It originated from a roofing material, EPDM otherwise known as a rubber roof material. "Peel and Stick" is the common term.
2. Underhood insulation or sound deadening- I would only note that it aids in preventing your hood paint from crazing and cracking from extreme temperatures and spikes after a run. It is especially true for certain body work, primers, and paints. Certainly not for all, but so much; it's worth noting from those that have experienced the occurence. Cause, contributory, or not; the result is unfortunate.
The newer closed cell materials now are able to withstand 400 degrees. For those that can do their own, Grainger sells a material. It's in the $20 -30 range in terms of costs.
Just my humble comments.
Merry Christmas to all.