I guess in very extreme conditions that could happen to the cats, but I don't think its likely. If something happens I will use one of my spare two sets, no big deal.
Keep in mind that the original muffler and depending on the after market system block the vent, as Jay mentioned, and thus heat soak becomes a real issue. What are the temps of the cats and pipes with heat soak??? Is it within the "designed range"...I doubt it.
After all that is why Ford assisted Bob Ida in developing an alternate exhaust system to get the heat out of the engine compartment. He didn't design a performance exhaust on purpose, he designed an exhaust to get the heat out, eliminate the horsepower drop due to heat soak (up to 60 RWHP), and as a by-product created a better sound. It also prevents the vents on the clamshell from warping and stop heat related cracks in the air box. This seems to have escaped some of the manufacturers of other after market exhaust systems that I have seen. Its not just about the sound.
As to coolant temp the dashboard gauge is not the most accurate and when it senses coolant temp reaching between 180-200 there is a built in delay. Thus it is running hotter than indicated, until it jumps to the correct temp. I am not exactly sure of delay timing.
Very important to measure coolant temp, dyno or driving, from the ECM and not relying on dash gauge. This way you can monitor the heat soak impact. Some devices also allow logging so you can check it later and don't have to constantly watch the readout.
Dave