More like the ECU will retard timing when the charged temps are high. So with lower temps, the car should be running more “efficiently” (i.e. putting out the power it is supposed to or closer to that). So you’re right to say an upgraded cooling system will not “increase” power per se.
I think FMIC or TMICs will certainly perform better than the standard setup on the Exige. Yes, they will heat soak as well but once on the go, they shed the heat much more quickly. And most big power Subarus often opt to go for the front mounted I/C setup anyway.
But the mid-engine configuration of our cars makes it difficult to implement an effective cooling system… chargecooler seems to be the way to go especially if you’re looking for big sustainable performance.
An “improved” A/A intercooler should logically help cool better (especially when combined with steps to increase the airflow to the I/C, e.g. larger roof scoop, water mist spray on I/C, etc.) for those looking for moderate performance increase, say 250-260hp I reckon?