Actually, no parts on the entire graphics card actually create heat since heat is energy and it can not be created (or destroyed). Energy is only transferred through the pcb and is released as heat. Your assessment is totally asinine considering that none of the parts emit heat from the transferred energy by its sole-self until they are used in conjunction with supporting, complimentary components that completes the circuit to present a current draw from the source of the transfer. To argue that the pcb doesn't emit heat due to the exclusion of the component infrastructure that make up the fuctional anatomy of the pcb is logically erroneous. It's as logically forthcoming from your original post as stating the gpu doesn't output heat because we aren't talking about a 100 percent, fully constructed graphics card.
Stupidity will get one in trouble much quicker.