No, a different type of glue is used for the hood pad insulation. It's still a contact cement, but of a much thinner consistency. Part number 000-989-82-71. It comes in a quart can with a lid that pries off much like a paint can. You'll apply the product with a foam or bristle brush, but quickly, as this product has a shorter flash time. This glue is also used to adhere the wool pad to the door cards, or any other large surface area textile that needs to be glued.
Alternatively, you can use Permatex or 3M brand heavy duty adhesive in an aerosol spray can. It does just as good of a job.