I can't speak to the technology of the Redline, Amsoil, and other WW's out there. They are surfactants + pump lubricant + anti-corrosion additive. They claim to increase heat transfer regardless of how they exactly do it. You may be right that all they do is keep the coolant cooler while the base metal and friction surfaces get hotter. No way to know that without thermocouples hooked up.
The combustion engine heating environment is probably nowhere near as uniform as a SG, Rx, or power boiler. There may be areas that do see significant loss of the fluid film for transient periods where the WW could help. As I said earlier a few ounces in a 50-50 coolant mix will be pretty marginal. I haven't owned a hot-running car in 19 years and for that one less coolant and WW did lower coolant temps appreciably. I can't speak to what temps the bearing and metal combustion surfaces were seeing. I tried "everything" on that car from upgrading the radiator, re-jetting the rebuilt carb, timing, plugs-wires-coil, fuel, stock cam, upgraded water pump, optimized vacuum, fan/fan clutch/shroud/belts, coolant/WW, etc. My mechanic had no ideas either and he lived and breathed the big block Mopars since he was 16.