No, i think your missing the point...
We still limit the n1 power for takeoff even if it is colder then standard (ISA) because we can still further preserve engine life... the power req for takeoff from performance calculations tells us we need say 84.5% N1, where the full power takeoff gives us an N1 limit of say 89% So then using the flex temp, we tell the fadec to limit the N1 to that minimum req from calcs, and engine life is preserved, company saves another dollar....
Feel free to correct or add anything boys and girls