Naively, if on average the same amount of air goes in and out, I'd expect the temperature of the heat exchanger (on average in space and time, eventually) to be the average of the outside and inside temperatures. If the outside is hotter, the air coming in would be cooler than the outside air (which is a win), but it couldn't be cooler than the average of the temperatures. So, it would still not be anywhere as cool as the inside air, which doesn't sound like 90% heat retention.
Is the heat exchanger attached to a heater or a cooler? The linked video, https://www.youtube.com/watch?v=CDCu0IbEn8Q , would suggest not, as it talks about saving the energy needed for cooling or heating. Is there another clever trick?