Not sure I understand the question.
Would you feel the heat more?
If the catalyst was still in, I'd say, YA.
If the catalyst was out or it was an aftermarket head pipe, it probably wouldn't make much difference.
The "heat shields" are really more for looks than shielding the heat. You can still sizzle flesh pretty damn good on a heat shield but you don't see the blueing of the pipes with the heat shields which is what, I believe, the original intent was.
That's probably why this particular owner either wrapped or painted, with high temp paint, the pipes under the shields.
Looks pretty cool to me although I probably would have painted the pipes black or used black wrap.