I think I'll trust a few hundred Apple and AMD engineers over a bloke on a forum who has been 'dealing with GPUs for 10 years' (whatever that means).
I'm guessing they do a bit of testing to avoid losing millions of dollars in 12 months when all the computers they've sold melt. Applecare is redundant in the UK anyway because legislation covers you for 6 years.
Heat kills components of that there is no question, how fast that happens depends on the devices usage. A GPU running at 100c is at or near it's thermal limits which will eventually lead to damage due to heat stress, ideally you'd want to prevent the device operating at this temperature for long periods of time, to extend it's lifespan.
Your average iMac user will probably never encounter a problem, will get 5 or so years of use and upgrade, Apple knows this and will likely test around this criteria. For those that game daily for hours with titles that stress the GPU your chances of having a hardware failure are increased.
That 6 year legislation is great as long as you can prove there was a inherent fault at the time of purchase.