It depends a lot on the engine design. Peak combustion temperature will be lower, but this period is very short. Heat rejection to the entire power cylinder including head will be greater due to less extraction of mechanical energy from a given amount of heat release. Exhaust gas temperature will be higher also and assuming exhaust ports in the cylinder head, this will drive more heat into the head. I would say it would take an exceptional engine design to run cooler cylinder head temperature with retarded spark timing, everything else being equal. Yes, exhaust valves will "take a beating", at any rate.
Now if there is detonation occuring with the reference spark timing, retarding timing away from detonation could reduce head temperature, due to the effect of detonation on heat transfer to the chamber surface.
I suppose you could retard the timing to the point of making the cylinder more-or-less a gas generator, with the majority of the heat energy going into the exhaust, but this would be an unrealistic operating point, except in certain racing applications where such a mode may be useful for goosing the turbo very briefly, prior to acceleration. Still, with so much heat in the exhaust port, it's not clear that cylinder head temperature would go down; and as mentioned, this would only make sense as a very transient condition, where there would be little time for bulk temperature change in the head anyway.
"Schiefgehen wird, was schiefgehen kann" - das Murphygesetz