Bonnet, (Hood) seal trivial question >

Hi 
I recently bought the rubber strip that goes in the channel at the 
back of the bonnet for it to rest in. On looking at it it seems to me 
that it serves no function except to gather water and cause rust. 
Does it do anything? help preserve hinges? prevent rattles? should I 
fit it? It does not seem visible on any photos of engine compartments 
I have seen.
Don (1959 frogeye)