Yes the missiles will drop off. ASM like Exocet do their own target acquisition. You essentially program the missile flight path and attack plan (time on target etc...) and then fire it. The missile does the rest.
Take a look at Chile's geography. A helicopter being able to launch exocets is a really good addition given their maritime domain.
In Canada's case, we would be much better with an MPA having that capability. For our own ships it would be better for the helicopter to provide targeting information for the ship to plan a Harpoon attack. The Cyclone has excellent sensors to pick up things beyond the CPFs visual horizon.
There was some discussion I had with pilots about Cyclones being modified for Hellfires. The mounting points for the Torps could take them, but I don't know any other mods needed on the internals of the aircraft (sensors, control systems, changes to cockpit to fire them). Both to support SOF but primarily to engage swarming boats and smaller vessels. It's well down the list of upgrades and mods when we were talking about it, and I suspect it's even further down since the accident.