Yes I agree, I did that test purely to test how well thermobore holds it's heat. Thinking about it though, most users do actually leave water in their hose for more then 5 minutes when driving between jobs, and it takes some time to heat back up again, especially in winter.
But because of the difference in diameter of the hose, the flow rates must be different between micro and therma, hence it completely changes how the heater works. If less water goes through the heater, the water gets hotter, more water goes through the water becomes less hot. Just like an electric shower. Unless you would have the exact same diameter hose, even after swelling, in my personal opinion there is no way that we can establish whether thermabore hose holds heat better. I believe that because there is no insulating layer the difference would be very small. Regardless of it being a different material it's too thin to make any difference, especially if it would be covered in snow and very low temperatures.
Thermabore is fantastic hose though, very wear resistance and doesn't act up when using hot! Very good hose, and I would recommend it to everyone, using hot or cold.