If it's off road only and you want a quick and dirty exhaust then sure, come right off the turbo through the hood. However, you don't have a turbo so you'd be making a ridiculous maze of pipe to get up through the hood. If you want quick and dirty just go straight back and dump wherever is convenient. Do a stack through the bed if deep water is a concern.
Back when I was young and dumb playing in deep water and changing gear oil every Sunday evening I never had a problem, just don't stall. OK, one time I had a problem when water was above the steering wheel and I got stuck, turned it off real quick because I knew hydrolock was any second. Pulled it out, changed the oil (or replaced water with oil as it was a while to strap up and recover). No problems, that engine was in three trucks, hydrolocked a few times, overheated with no coolant until it seized once, and just wouldn't die. Eventually seld it to a guy who put it in a boat, fitting. He didn't seem interested in rebuilding it prior as I recommended. Either way, I wised up and got a boat.
https://www.youtube.com/watch?v=c55Xg1_mLoY
If you intend to drive this on the street, a hood stack is not legal in any state so far as I know. Exhaust must exit after the passenger compartment for street driven vehicles.