Hi, that definitely stands out =[.
I'm 100% only an amateur and I don't want to give any wrong advice. But here is my take.
The paint bubbling means it wasn't filled in correctly. It's just going to oxidize off if you sand it down and top coat it.
I would carefully sand it down to the stratus. Like 2000 grit glued on to a pencil eraser like Larry does. You want as much as the original paint on there as possible.
Clean the scratch well. Use alcohol and wipe it nice and clean once it's sanded down.
Do that technique where he waxes around the scratch so you don't get paint on the surrounding areas of your hood.
Mix the base with the top coat. About 50/50 is what he uses. Use a detailing stick and slowly fill it in. Use a heat gun and dry a layer. Fill it in again as needed. Dry, repeat, etc.
Once it's dry and about level, I'd sand it with about 3k or 5 k grit. Then polish over with a DA polisher.
Clean it with alcohol again to get rid of the polish that didn't blend. If you shine a light and still see imperfections, then polish it again.
This is what I would do if I DIY'd it. Because I'm an amateur, and the scratch is on the hood, I'd personally probably bite the bullet and go to a professional detailer only because the hood is such a noticeable part of the car.
Reflection of light off the paint/clear coat is how we see imperfections. So, sanding that down will definitely help. Light is reflecting off of that area differently because of how it's raised. That's why it's so noticeable.
I've fixed stuff like this near the bottom of my door panels which are inconspicuous spots to begin with. I've never fixed a scratch that big on my hood.
Good luck with everything. Again, I'm only an amateur/enthusiast, not a professional. I usually get my info from Larry's videos, Google, and /r/autodetailing.
I'd like to say I do a lot of homework. What I've come to learn is that getting a good clear coat blend is the hardest part.
Good luck with your hood!
Edit: not sure what pearl coat your using, but I'd use the coat that comes with the motorcraft touch up pen because it's oem.
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