Thoughts on Hood Insulation

I have a 1965 Barracuda and My hood insulation needs replacing, but before I do that I'd like some opinions. There are two schools of thought.
#1 - The Insulation keeps the hood cool
#2 - The Insulation keeps the engine running hot

I've heard different ideas. My engine is not beefed up, but I'm wondering what the consensus is. Yay or Nay to hood insulation.

Thanks