Here’s the underside of the hood on the one I just bought...
The edges are usually decent I believe. It's under the blanket where Ford got lazy. At least that's how it is on my car.
Yes, some undersides were finished and others weren't. Mine wasn't. Those whose undersides were finished were fortunate.
Same here. When I get mine repainted I'm going to make sure the bottom of the hood is done as well.