If you run everything at 'full speed' (uncapped) then your gpu is doing as much work as it possibly can. foot to the floor in a car.
capping the fps is like only half pressing on the accelerator.
giving it a heavy work load (playing on ultra) would be like filling a car with shopping .... takes a little more work but easy to coupe with.
giving it a light work load (playing on minimum) would be like you alone in the car.
all 'work' causes heat .... the less work = less heat.
lack of heat dispersal (poor fan/lots of dust/hot day or room/etc).