But do we agree that a wine will feel less hot as it evolves/ages and it gets more balanced?
Not really, for the reason DBG mentions above. It's the one factor that doesn't really improve with age. As a wine ages, it typically gets more subtle. Say you have big sweet fruit to start, as the wine ages, the primary fruit flavors start to attenuate, they turn into something else. A young Rioja for example, has a lot of cherry to it as well as lots of tannins and maybe obvious oak. With age, the cherry fruit fades and you get notes of tea, dried strawberries, leather, etc., and the wood changes and you end up with notes of straw and vanilla. It becomes a completely different wine.
Of course all those things affect your perception of everything else. But generally, alcohol is kind of harsh and if the wine is harsh to start, it's going to stay that way. A great example is vintage Port. You keep those 30 or 40 years and they still taste alcoholic.
Tawnys are a good example too, and Madeira even better. I'm going to be drinking some tonight that goes back quite a ways. Everything that can happen to a wine happens to Madeira - age, oxidation, heat, etc. All those things have a profound effect on the wine. And the wines are mostly going to be older than I am. But the alcohol is still there and noticeable as ever. It's the one constant.