The intake for air into the engine is drawing air from the fender and the outside of the engine compartment. Theoretically, one could take the hood off and the intake air temp would be the same as with the hood closed. A vent, IMHO, would only be allowing ambient block temp and the radiator temp to draw some heat off as the air moves into the engine compartment from under the bumper and "should" draw out the louvers. Unless there is a dead area of air moving over the hood, hitting the windshield and tumbling the airflow. It is possible that the louver will not actually change the airflow. Louvers on the fenders could change the airflow pattern.
Has anyone had an engine failure due to excessive heat? I really don't know because I don't live in a high heat area.