Having just gone through a self-repaired chip on the hood of mine, I can tell you it all comes down to how much time and effort (and money) you want to put into the repair.
AmmoNYC has a good video on youtube explaining a pretty in-depth process, which is the route I took. It will require a good amount of time and mostly minor tools (but do need a dual-action polisher to remove wet-sanding marks) and can very nearly repair the chip to "like-new."
I did manage to get a free bottle of touch-up paint from a local body shop, by the way, so check around before ordering anything.
For the chip on my hood, which was very noticeable (to me, for sure) I did take the time to do it as Larry describes in the video... for some smaller / less obvious chips that I noticed during detailing, I simply put a couple coats of paint and then some clearcoat over top just to protect the area from corrosion... not perfect, but still does look better than an uncovered chip!
Lastly, do let the paint / clearcoat cure for several days before wet sanding / polishing. My first go-round, I only waited 1 day (overnight) and ended up polishing the touch-up right out of the chip.
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