I just tested two thermostat in boiling water. One in a 07LC 172k miles opened 9mm, the other from my 01LC 168K miles opened only 8.5MM. My eyes and thermometer where not good enough to get a good "start" to open test result. I replaced both thermostat, which was a 5 minute job, probably worlds easiest vehicle to do. Neither engine ran hot, based on instrument panel cluster temp gauge. Both they were original thermostats' from factory. But I could certainly see if thermostat Not opening properly engine could run hot!
If all this checks out: no clog in coolant system, good 50/50 mix Toyota antifreeze, no air in coolant system, water pump not leaking, good thermostat, good radiator cap and water temp sending unit. If all good, then start looking elsewhere like fuel starvation.
One interesting note:
Thermostats had different parts numbers and price. 01 was ~$19, the 07 was ~$31. They look Identical and both 82C.