Any truth to the practice of BLACK painted parts dissipating heat better?

I have been painting blocks black for years. Long ago I was teen and a racer told us about heat dissipation and using black paint.
He also said that flat is better than shinny, as it releases heat faster.
On the same hand he stated hood/hood scoops should be light color to reflect heat and white is the best.
The guy was Warren Johnson. I know a GM guy, but he did well in NHRA.