IF I were to "hammer it out" as some have suggested, I would "Ding off the dolly"
That is a method of rolling shallow dents back into place by placing a dolly on the backside of the dent and using your body hammer lightly around the crown of the dent.
I WOULD NOT strike the dent from the backside.
There are Youtube videos on the method.
Dinging off the dolly eliminates the "hammered out" look.
Many times the dent just disappears.
It does take some practice however.
Don't get in a hurry. Don't strike hard with the hammer.
Basically, you are "dinging" or lightly bouncing the hammer around the crown of the dent.
I have had many shallow dents roll back into position like they were never there.
Good luck!
I have almost 45 years now, doing bodywork professionally.
The first thing I can tell you is, everyone has a slightly different way of doing a dent like that.
It doesn't matter how you do it, as long as it works.
The dent in the hood, appears to me, to be is locked in. Meaning if you push on the back side with say your hand, it's not trying to pop out. If that is the case, it's not going to come out, without striking the back side.
You are right, in that you don't want to hit it in a way that would stretch the metal. So, it does take experience to know what to use to hit it, and how to go about doing so.
Once you get it roughed out, you try to work it back in to the correct shape.
Novice repairmen almost always push dents out too far. Then they end up with too much metal. Successfully shrinking metal is challenging even for some professionals. So, you don't want to end up there. Since you see both sides of this hood, you can't leave the inside bulged in to get rid of the excess metal, and still do an undetectable repair.
There isn't enough metal thickness here to expect to have any good chance of doing a filler-less repair. So, it will likely require some filler on both sides.
At any rate, these techniques take considerable practice to develop. If maintaining your investment, i.e. the resale value is important, this isn't a good place to practice.
