The fact the ammunition magazine on the Bismarck exploded explains why the US Navy quickly mothballed their Iowa class battleships after World War II out of fear of a lucky hit blowing up the ship's magazine, though they realized by the late 1970's the Iowa class ships were excellent weapon platforms and got refurbished with a lot of new weapon systems.
The crew of the HMS Hood got really lucky, because when the battlecruiser was returned to John Brown & Company's drydock for repair and retrofit, structural engineers said one more hit from the Bismarck's guns would have doomed the Hood. The ship had extensive changes done to the armor, and a brand-new fire-control system using a somewhat old centimetric radar was installed. Besides sinking the Kongou (though with a really lucky shot that blew up that ship's ammunition magazine), the Hood severely damaged the Ise and just missed hitting the Musashi.
There had been thoughts about really modernizing Hood after the war, but the engineers at John Brown & Company determined it would cost way too much money, so Hood was officially retired in 1948 and is now a museum ship at Portsmouth. By the way, the lead ship of a new cruiser class for the Royal Navy--which looks like a "writ large" version of the US Navy's Zumwalt class destroyer--will become the second ship to be named Hood and is currently undergoing sea trials before commissioning late in 2016.