Probably...Remember this is just an example of power loss based on the formula, Not a real world example.

Likely IAT's which is what determines timing pull..

Here's an example of real temps from my old Turbo'd Audi TT with a few Cooling mods in the intake tract (insulated air box, Big Front Mount intercooler, Manifold insualtors). As you can see you can minimize the effects of heat even on a turbo car with the right approach. The Mustang air intake is so good, my IAT's run right at ambient even with a Steeda open element filter..

From my Audi:

 

PCM controls air/fuel ratio to 14.7:1. A rich or lean mixture will damage the catalytic converters. PCM's first priority is to protect the cats. Hot air is less condensed and so it contains less oxygen. Causing a need for less fuel to maintain 14.7:1. Leads to less power. WOT+ hot air= less oxygen> less fuel> less power. Simplest way I can put it.

 

Only during Closed Loop (partial throttle) operation where A/F is controlled by the MAF and the 02 sensors. When you go WOT, the car goes into "Open Loop" where A/F is no longer controlled by the sensors, but rather by built in Fuel maps. The Mix will richen to about a 12-12.5:1 ratio which is better suited for High RPM, High load operation and develops maximum safe power there...

 

I was trying to simplify it but yep.