Be careful fitting a replacement, they are finicky to get right unless you read the manual.
I broke the switch the first time I replaced mine, many decades ago.
The later series have servos, and a switch in the engine compartment. Mine is like that, not that exact type of switch, though. Surprised the bonnet closes!
That's a breather, it lets excess air out through that hole. Just paint it up, it's fine. But you can swap to the military version with a proper breather if you want.