If you are driving a car without hood, then it is possible heavy rain pouring onto your engine. Is that a real thing? Secondly, if the bottom shield piece missing, the water will splash onto the exhaust pipe and releases heavy steam and crack the exhaust pipe. However, that will not affact the performance except the emission. Third, the engine block has cylinders machined, and around the cylinders is the the water cooling jacket. Under the engine is the oil pan. So the surface temperature that common splashing of water droplets will see would be no higher than 260 F. That will cause steam, however, no crack nor engine performance.
Again, I suggested the same thing to install the missing shield and have ignition system checked. But your post just remind me that the exhaust pipe should be checked as well.