I might be missing something
No, you are not.
but should this not be solved by having the prepare-commit-msg exit 0? I mean, it is conceivable that such a bad error occurs in the hook that the commit should be stopped then and there.
So you say, don't suppress the hook with --no-verify *and* exit if the hook returns 1, even if --no-verify is given. That's fine by me.
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