To really get the cooling properties of alcohol, you'll need aux injectors after the compressor exit, you want to cool the charge before it enters the combustion chamber. There isn't much time for the E85 to cool the charge where the port injectors place the fuel right behind the intake valves. E85 definitely has other benefits than cooler charge temps, the main power benefits are "no" knock which lets you run closer to MBT, the cooling effect is helpful but not nearly as significant as this.
Be cautious with E85, it does not "knock" in the traditional sense, most knock sensors are deaf to it. It burns much quicker than gasoline, which leaves less time for knock to occur during combustion. Which is great for making power, you can run less timing to make the same power as gas! But you can easily run too much timing (past MBT, over advanced, not good), or run timing too close to MBT at high RPM/load and get massive cylinder pressures which can quickly lead to hardware failures. Getting a proper tune by an experienced tuner is critical when you're running that much power on E85 (or not), the risk for failure is quite high.
Most tuners would mostly ignore the knock sensor on E85, and use a chassis dyno to tune timing (find MBT and back off a bit for safety factor), being mindful of the hardware limits of the engine.
Good info here, HPA is a good resource for tuning.
https://www.hpacademy.com/courses/ethanol-and-flex-fuel-tuning/