well, we will have to disagree on the performance and durability for this particular application. Rubber is a stronger tougher material in general but those qualities are not utilized here. I had foam on my sentra spec v with a turbo sitting literally on top of the radiator (top mount treadstone turbo kit for sentra) you could boil water off my hood and the foam never distorted, peeled away, or even turned color...it was perfect and its better than rubber in this application because you can depress it easily to quickly adjust for varying heights, is more easy to shape and bend, and easier to apply, easier to locate product, inexpensive to aquire, and does the job as intended as well as any other material. ...as far as Looks better...if i didnt get black rtv on my hands when working the foam it would look nicer but I didnt care. When I pop the hood you dont notice unless I point right to it. and since the foam mod it hasnt overheated a single time. But hey to each their own.
What we are doing here is creating a semi-airtight seal and rubber performs better than foam as foam is completely permeable. The D shape with the open / hollow center section allows the rubber I got to squish and be otherwise malleable as needed.
There are of course many different types of rubber and plenty that would not be up to the task of a hot environment, but this is the exact same type of rubber that the coolant hoses are made of, so radiant heat will not be a problem.
So, yes, I will continue to disagree with your assessment of using foam for this job.