The car does not really "vent" heat in OEM form, the hood/fender liners/etc pretty much keep it sealed. Air basically flows in via front bumper and out under the car past the front undertray.
It would seem the pressure area under the hood is between the radiator & engine, which opening that area up allows for air to flow in via the front bumper and out efficiently helping with cooling.
On the side of traffic & cooling, not much does anything. If you are stagnant in traffic you are just sucking in hot air from the concrete & exhaust gasses from other cars which becomes a never ending cycle of increased temps.
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