Yea it’s also sitting against a hot radiator instead of nothing behind it like the stock location, there are trade offs. I’ve seen applications in road cars that make 1000+ whp with cores that are 5-6” thick. If it’s a properly designed core I think it would have to be excessively thick before you lose much efficiency.
On the Raptor I think both intercooler locations work pretty well with some pros, cons, and trade offs to each. But if you want to run a winch or frame cut bumper, you have one choice.