YES! I had a 2003 Pontiac Vibe, same car - different cladding, and the best feature of the hatchback was that the glass also flipped up independent of the hatch. I once stuck a massive snowblower in it that was only possible because the glass was up and the handles were hanging out. I really like station wagons / hatchbacks, but their killer utility feature is a rear window that flips open or rolls down into the hatch. Sadly no cars are made with that feature anymore.

Does it fit 4x8 sheets of plywood/drywall?

Dunno. Maybe if you also pushed the passenger side seat forward enough?