Well, that's certainly an option. You could also choose to vent to a wheel housing, under the car, or out the side behind the wheel arch. Manufacturers have used all of these approaches.
For example, the Dodge Viper vented engine bay air out the sides since its first generation:
The BMW i8 has a nicely ducted radiator with a hood outlet:
The 2019 Honda Insight vents one of its radiators (inverter cooling system, maybe?) to the driver's side wheel housing:
