With less RAM, the hard drive is used for swap more often, causing the processor to idle more often, causing less heat.
RAM speeds are measured in nanoseconds, HDD seek speeds in milliseconds. That's a factor of 1,000 difference.
A basic comparison:
The CPU runs at approx. 2 GHz (2,000 MHz, or one cycle every 1/2,000,000th of a second)
The RAM is accessed at approx. 600 MHz (1/3 the speed of the CPU, or about 1 'cycle' every 1/600,000th of a second)
A random HDD seek takes about 5 milliseconds on a fast drive (about 1 'cycle' every 1/5,000th of a second)
If the CPU can get stuff from cache, it has the instructions/data the very next cycle.
If the CPU has to fetch from RAM, it essentially has to wait at least 3 cycles for the instructions/data to go from RAM to the cache.
If the CPU has to fetch from the HDD (swap space or data on the drive), it has to wait at least 400 cycles for the instructions/data to get into RAM, where it can be fetched into the cache. That's 400 cycles that the CPU is idling.
It's a bit more complex than that, really, because you're running more than one piece of software at a time, so the OS can keep the CPU from idling uselessly for large chunks of time, but with swap being used heavily, the CPU still sits idle for relatively large chunks of time.