The problem here is the plastic on the outside of the camera. Plastic for the most part is an insulator, so a Peltier cooler is not going to draw heat through the plastic.
Well, it all comes down to thickness. If plastic would insulate heat that well, all refrigerators would just have a thin plastic wall.
The plastic underneath the screen is probably going to be paper thin and sandwiched to the magnesium alloy frame backing plate and is basically one connected piece with the rest of the body. With a peltier element, you will be able to cool the entire magnesium alloy body, as once you penetrate the plastic, magnesium alloys are quite good thermal conductors (less than aluminium, but way more than steel).
The plastic will have some resistance, but the surface area is large enough to still get quite some heat through.
If there is plastic....it would be quite easy for Canon to make that part of the housing out of aluminium. Or maybe they alloyed the plastic with metals to make it more heat-conductive. Or maybe if they didn't think of that before, they'll now steal my idea and R5/R6 delivery will be delayed by a month
Anyway.
The external cooling element will allow you to cool the entire frame way below room temperature in advance, no matter what insulation the plastic poses. And to what extent the thermal capacity will hold up to what the R5 produces: we'll see. If they come anywhere close to 50-80% of the heating capacity it'll make a huge difference in how long you can run the camera for. It'd mean a 5-25 times increase of running times.