Kinda, sorta, maybe, how long is a piece of string?
First opening is ~180F, starts opening and closing the bypass, fully open and bypass fully closed is ~200F. So it is still allowable to be bypassing coolant around the radiator at ~200F? Tells me that they were not serious about cooling until at least 200F at coolant intake.
The thermostat is in the coolant intake, so controls the temp of the coolant entering the motor from the radiator. From there it travels through and picks up heat from the block, oil cooler, head, etc, on it's way to the temp sensor near the upper water neck in the head. How much heat depends on motor load, etc, but if the thermostat is fully open, full cooling is needed, the sensor reading is going to be over 200F, more like 210F.
Many believe that the cooler a motor runs the better, NOT true. The hotter it runs, the cleaner and more efficiently it will run. At one time, 180F was the magic number, this was largely due to the oil available, it would start breaking down around 200F. Now, the cheapest oils are good for ~250F+.
If you want to win the "my motor runs cooler than yours" contest, simply switch to the S/C 170F thermostat. It will run cooler when not stressed, will burn more gas, make less power, build much more carbon in the intake, head, sludge in the valve cover, etc.
When doing big mountain passes, I don't even back off of the throttle unless I see over 210F. Consider that normal for a motor running at 100% output. That is likely conservative, Toyota doesn't do anything till 228F and then only turn off the A/C. Around there is also where the stock temp gauge starts to move out of the "dead" normal operation zone towards the red.
Lots of newer motors are being designed to run hotter, like up to 240F. New tech allows for higher coolant pressures, newer oils withstand it, etc, makes for more powerful/efficient/cleaner motors.