No they don't. That's the main reason they're lower output. There's nothing wrong with them exactly, but they do not have excellent heat sinking. They're reliable because they're low output. The m61 drop in is a slip fit. Which isn't as good of a thermal path as being screwed into the body/head. Or being held in with a retaining ring.Malkoffs have excellent heat sinking and thermal path. That keeps the heat away from things that shouldn't get hot.
As far as where the heat goes besides the emitter, it's the driver. Which I already mentioned. The ts10 pulls the heat from the emitter and driver to the body of the light. There's nothing else that can get damaged