It totally depends on your application.
suppose you have a simple power supply board with a linear voltage regulator. 5v to 3.3v drop of almost 1 volt. this will generate some heat which can be easily handled
but your application needs a cpu and gpu which will release drastic amount of heat you will need good heat dissipation techniques.
suppose your application is high power leds, there will be very high current flowing through the circuit at the same time leds its self will dissipate the lot of heat.
in led case if you use metal core in the middle. it will not solve your problem as entire pcb will get hot, it will try to dissipate heat across the surface area of the pcb but. it will be not enough.
on top if you pcb is enclose in some container/BOX, surrounding air will heat up that will raise the temperature further.
ideal solution to the LED boards are usually lot of themal via with via filling and plating, use usuallu 2 layer boards with metal substrate (slightly costly) or use thermal tapes/adhesive to metal fixtures to externally dissipate heat. also using fans to blow air will help.
now coming to your query
when internal space is limited metal core pcb will help you dissipate heat evenly accross the entire pcb providing better heat dissipation compared to FR4.
but there is a limitaion to it how much heat that can be dissipated, if you have close container and no place for air flow or any other metal surface to cool off, sounding environment will heat up which will raise the temperature of components and cycle will continue till something breaks.
now if you concern with heavy metal parts you may have to go for light weight material, since its a tight space putting a fans or liquid cooler is not an option then you have to totally rely on best layout practice, good material, better chassis.
1. I understand it’s a complex issue, but is there a potential future where we can eliminate metal chassis components in mobile and IoT devices to reduce product weight?
this will be difficult as IOT and mobile are opting for higher processing power. more the processing more heat will be generated by the cpu and gpu. also supporting components.
for example if you see mabook air m3 (not promoting any brands here) works without fan even with GPU. the metal casing act as a heat dissipator, since the entire frame is of high quality light weight material it can dissipate a lot of heat quickly to larger surface area. which cools the gpu/cpu very quickly. also metal