The blocked airflow lowers the effective cooling capacity of the vehicle.
1. Air does not like to make 90° turns before entering the radiator. This is especially true just behind the filters, but is also true to items 1-2" in front of the radiator depending on air speed.
2. The engine will be ingesting air through the filters, taking air from in front of the radiator, effectively making the blockage worse.
3. The fan configuration also has some bearing here. If this vehicle has one fan, the filters are blocking a prime air flow area. But if it has two fans the flow is more evenly distributed therefore the filters are blocking a lower flow area so the downgrade won't be as bad.
What you are betting against is the worst-case condition that was used to design the system in the first place. If you don't drive in stop-and-go traffic with max AC in 120°F conditions you will probably be OK. You are taking away a chunk of the reserve capacity (relative to "normal" driving) that was designed into the package.
"There are worse conditions on OEM setups with water, oil, AC and, intake charge heat exchangers all stacked up behind very small grill openings."
True, but they are designed and tested in that configuration. The owner is not adding all that after they buy the car.
ISZ