I don't think it serves any purpose as far as protecting the paint is concerned.
It makes the fenders even hotter when it's installed so if it had anything to do with paint it would cause the paint there to fail prematurely, which does not happen.
It also insulates the engine sound, but is this even a good thing?
I removed my hood insulation and now I can hear my M119 noises much more clearly including the intake noises and all those other wonderful engine sounds.
Why would anyone want to muffle their M119?
It makes the fenders even hotter when it's installed so if it had anything to do with paint it would cause the paint there to fail prematurely, which does not happen.
It also insulates the engine sound, but is this even a good thing?
I removed my hood insulation and now I can hear my M119 noises much more clearly including the intake noises and all those other wonderful engine sounds.

Why would anyone want to muffle their M119?