Jas, keep reading mate....you almost have this sussed out.
Fuel cooling, sure you can generate some evaporative cooling effect with fuel but not in your engine, pour some on your arm and wave it about, it will feel a fraction cooler than the rest of your arm but bugger all really.
Now for the facts. Going richer does NOT mean fuel is cooling. It means a less violent bang thru a more lethargic mixture.
It has the effect of retarding timing, not the spark timing just the flame front. Thus lower value of PPP and further from TDC. Hence lower CHT, and a bit less power for all that extra fuel.
Remember in our fixed spark timing engines the way we can control the combustion event is by mixture control. In your car, especially with EFI lots of things are done differently. Even the old Holden engines (old for me) had vac advance.
Trent..".no that fuel is burnt. And the reason for that flame spitting you see on many race cars is not relevant to this discussion, as good as I am at thread drift I think we should leave this tread with an educational trail for pilots not rev heads. Even though some of us are both