Modern parts tend to sip power and produce very little heat unless you start overclocking,etc.
The part consuming the most power and producing the most heat will be the graphics card,followed by the CPU if its overclocked or something like an FX. However,most people don't really overclock so the CPU really isn't consuming that much or even stressing the totally not bling motherboard I have.
I had a SD37P2 Shuttle SFF system,running an overclocked high VID Q6600 on a hot running 975X chipset,two HDDs,card reader,optical drive and cards like an overclocked HD5850 or an overclocked 8800GTS 512MB. I even had a Pentium D805 in there(overclocked OFC) at one point.
The system worked for 5 years fine,even though it the exhaust was stupidly hot on the side and the back. There was only one fansink to cool the whole system and it blew out the side of the case:
https://www.bit-tech.net/reviews/tech/shuttle_sd37p2/2/
I did install a better chipset cooler and put better fans in and ran them at a lower constant speed,but that system probably had tons of deadspots and Shuttle tended to not always use the best caps either. After 5 years I thought it had finally gone kaput - it was actually a dodgy cable on the HDD.
Another mate made an ammo box PC,with a single slot 9800GT,a Zotac 9300 mini-ITX motherboard and it ran stupidly hot since there was virtually no airflow. The motherboard and 9800GT probably still work even today(they were a few years ago).
My current SFF system has one 92MM fansink for exhaust and a single inlet fan running at low RPM. I have had that system for years.There are no VRM heatsinks,the chipset has a tiny heatsink,etc - and I use a AIO water cooler,so its not like the stock cooler where you get some air directed to the VRMs.
Also what about all those tiny NUC type systems in their tiny cases?? There is virtually no airflow to the motherboard either,as is the case for most laptops - yet they seem fine.