^Basically, yeah. If you think about a ride like TTD, it doesn't actually do very much at the really high speed. One climb up on the way up, and another pull out on the way down. Something like I305 (and Goliath/Titan) have long sections of very high speed, high-G corners which are prime for making the wheels heat up. If you stretch an elastic band over and over again you'll notice it warms up (internal friction in the polymer) and basically it's the same deal here. The polymer (polyurethane I believe) on the wheels is being compressed very rapidly under a lot of force and therefore heating up pretty substantially. Those big, high G corners are what does it. TTD just doesn't put as much stress on the material, as well as the fact that it only has two moments of high G (unlike I305/Goliath/Titan which have a lot of different high speed corners/helices).
As for Formula Rossa, my suspicion is that the turns are so big and wide that they're just not that intense on the wheels.