The heat will not cause the metal to weaken, steel has to be heated beyond its recrystalization temp of roughly 900 degrees before it can be annealed.... good luck getting those temps anywhere but the exhaust. Aluminum is around 500 degrees iirc, again, not happening in a water cooled engine. Will plastics get weakened and crack? Sure, but the plastics under the hood are designed to get hot and many are thermosetting plastics meaning they won't deform under heat, excess heat beyond its setting temperature will cause charring but because it doesn't melt no fire.
If the engine is within a safe temp range, up to 225 degrees for mine, no problems.
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