Yes oil flow is critical to the internal oil cooling process. So thinner oils *can* cool better than thicker oils, which is the main reason why I am not a fan of going too thick (a little is ok IMO). But oil flow is not determined by viscosity alone... the type of oil pump, deposits & sludge, etc. all have an effect on oil flow.
No engine has 100% cooling provided by the circulation of engine oil. Every engine has either a liquid or air cooling design. Liquid cooled engines usually have some air cooling as well.In some cases the figure is 100%