We prove that extension groups in strict polynomial functor categories compute the rational cohomology of classical algebraic groups This result was previously known only for general linear groups. We give several applications to the study of classical algebraic groups, such as a cohomological stabilization property, the injectivity of external cup products, and the existence of Hopf algebra structures on the (stable) cohomology of a classical algebraic group with coefficients in a Hopf algebra. Our result also opens the way to new explicit cohomology computations. We give an example inspired by recent computations of Djament and Vespa.