Kind of. It's arguably more accurate to call it a fast battleship, as its armor protection was equivalent to that of a post-Jutland British battleship. At the time it was built, the Hood was both fast and heavily armored. Its armor protection scheme was somewhat dated by the 1940s.

With light deck armor, larger plunging shells would drop down from the top rather than piercing through the side (like hood was designed to withstand). Had the fatal shot been lower and closer she might have taken the blow, but alas, they fell right into her magazines.

Also I'm not a history major or anything so there will be inaccuracies in my posts. I'm just the son of a WW2 buff who himself is a WW2 buff, repeating most of this from memory. It's been a fun conversation so far though!

The Hood's deck armor was dated, but the range was too close for that scenario when the fatal shot was fired. The shot must have pierced Hood's main belt (or somehow snuck around it).