A hood will keep you warmer than just a shorty but I wanted to point out that "most heat loss from the head" is a myth Scientists debunk myth that most heat is lost through head | Science | The Guardian .
Perhaps one does not lose "most" of your heat from your head... Change "most" to "significant" and the "myth" becomes "truth."
Add the fact that water conduct heat away from the body more effectively than air, and a scuba hood becomes even that more important in concerving body head.