No, I don't think you are missing anything. Although, most cars use an intake or snorkel for the air cleaner that is about the same size. During normal cruise speeds, I think the air intake is sufficient.
With the CI hood, when you go to WOT and both doors are open (the inner door is really the one that matters), some people even consider that to be restrictive, especially with a healthy 454+ engine. Disconnecting the solenoid for the inner door, or, simply omitting the inner door and its frame altogether would provide full time cooler air as well as much less restricted air to the air cleaner. I have considered removing the inner door on my CI hood several times, but decided against it each time.
The outer door is really more for looks or the "wow" factor than it is for functionality. If you look closely, you will see that the air at the base of the windshield has a straight shot to the inner door even if the outer door is fully closed (just like a NASCAR intake!!!!).