In theory, yes it will put out less heat than a Sandy Bridge chip. Ivy Bridge has a lower power draw than Sandy, which directly impacts its heat output.
However Ivy notoriously has an inferior TIM underneath its heat-spreader than Sandy does, so the heat it generates doesn't dissipate as well, especially once you really start messing with the voltage.
But yes, a 212 EVO (better baseplate than the 212+) could bring you to 4.5Ghz if you are willing to live with higher temps. Around that kind of frequency is where I think you should get better cooling than the Hyper 212's.