I left another comment going into more detail about the model specifications, if you'd like to read into it. But briefly: I took the copper heat conductivity coefficient and the air heat transfer coefficient. I sliced the copper block into thin slices and modeled heat transfer between each slice, as well as heat transfer between each slice and the surrounding air.

It seems that both heat transfer and heat loss do actually matter quite significantly, but they just cancel each other out almost entirely.

If we assume instantaneous heat transfer, thermal throttling time goes up from 592 seconds to 703 seconds (about 2 minute difference).

If we assume no heat loss to the air, thermal throttling time goes down from 592 seconds to 500 seconds (about 1.5 minute difference).