Alternative to traditional brake hoods?
Sugru might be a workable fix, but would likely cost as much as new hoods in the first place.

Wrapping bar tape around the existing hoods may help, as long as it doesn't foul the movement of the levers.

Riding without hoods is a bad plan, because it increases the dust and water incursion into the brake mechanism.  Also you're able to pinch your skin  accidentally.

If the levers are absolutely fine, replacing the hoods seems wise.  If the levers are getting a bit worn and sloppy, then its not a lot more to replace the whole lever.

Remember these are not expensive items and as such are probably unserviceable.  If they were $150 Shimanos or $500 Campag levers then repair makes a lot of sense, but these are not worth spending a lot of time on.