" Supposed to be" is the general opinion. we still don't know what it does. hood hindges and latch do the same thing in my opinion so....
Yes it is a hood ground, the copper doesn't rust and "teeth" dig into metal to provide ground(at least in theory)... Does it make a difference?? Probably not on FM but definitely improves AM, especially if you lived in the boonies and only stations were several miles away... Remember in the late '60s/early '70s FM was only beginning to rival AM as the preferred medium... FM didn't really start to clobber AM till the high power FM stations were signing on(ones with 500-1000ft towers, got our first in '73)... Prior if you were 20-25 miles from a FM, it was done... The hinges will provide a intermittent ground at best... Likely OK when new, but a little wear or rust and the electrical integrity is badly compromised...
Yes. It really works. Because the hood latch and hinges do not make a "perfect" ground connection, wind blowing over the hood on a dry day (humidity very low), can cause static build up. In addition, the ignition system generates electric and magnetic fields, too. - all causing a difference in potential between the hood and auto body. The radio used the car body as a ground plane. The build-up & discharge of electricity can cause noise on a radio. Typically, though - noise is most pronounced in the AM band.
Grounding is done via the screw. The threads of the screw will ground on the back side (inside) of the cowl. Same with the voltage regulator, starter solenoid, and inside wiring harness (it is grounded with a screw to the painted dash) and other electronics on the car.