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If its just the hood and a large part of it, you can take the hood off and have it repainted, paint matched to what is on your vehicle or to the correct paint code your vehicle is supposed to have. The second option may not match exactly with the rest of the car depending on the damage/fading the other panels have in the paint.
If its to the point of chipping, you can try and paint on top but the damage will remain underneath and the new paint will fail early.
The most difficult part is probably going to be finding a paint match, especially if you have an uncommon color. It's slightly easier for body shops to find (or they'll have a way to match it almost exactly), but obviously that's the more expensive route.
Harbor freight has a whole auto paint repair section that I've unfortunately had to visit many times. They have pretty much everything you need to repaint, sans actual paint.
I have a 99 Subaru. The clear coat is about 1/3 gone and continuing to peel off. Rust is not a big concern in my area.
If I was to anything about I'd grab another hood in the same color from the junk yard. I know one of the local yards (https://www.picknpull.com) currently has a potential candidate I can pickup for $65. I've used the same yard to pickup various bits & pieces previously.