When I was on an architecture team that consolidated ~80 datacenter to 3 circa 2010, this was a key dollar driver. We raised the temperature ~6 degrees from the average temp, which meant kicking out a few vendors initially. The cost savings for doing that was essentially the total operational costs of 5 datacenters.
The annual failure rates for the hardware did not change at all by any metric. Number of service impacting hardware failures went to zero due to the consolidation.
In general, if you operate within the operating ranges of your hardware, you won’t have failure. You will have complaints from employees, because computers will operate at temperatures not comfortable for humans.