To be a bit more detailed about this, as it's an interesting question...
I don't know if when the liquid passes through a 470° coil it rises in temp to 470° before converting to a vapor,
The high heat of the coil creates a "cushion" of radiating heat that the liquid absords so rapidly that it breaks it into micro droplets (basically: mist), it's part of energy transfer physics 101. This transfer of energy is very powerful, so the mist is going to be moving very fast at that point. But, there's a limit of how much of this energy that can be absorbed by the liquid's molecules as the moment it's got enough to be made into a mist, it's getting the hell out of dodge and will NOT absorb any more of the heat transfered energy.
as it's being converted or at all.
Think of it as an printer that works via piezo-electric system.. the ink is turned into micro-droplets as a spray onto the paper. The ink doesn't change, it doesn't turn to ash or anything, but thie piezo-electric system is actually zapping this ink as an amazingly high current, basically superheating it, but it still doesn't break the ink down. So it's not being converted, it's being "excited" to push itself apart into droplets.
I suspect it is rising to that temp because if it weren't it would rob heat from the coil and my tc mod would just keep throwing more power at it until it did.
I don't know the science either.
And no, it only hits the "temp" (or energy level) needed to push itself into this mists, and this energy/action pushes it away from the coil, and replaced by the cooler liquid, and so, as long as you feed it, the energy that you're transferring from the batteries to the coil, which is transferred to the liquid is being pushing into making the liquid feed to it into mist, providing a cooling effect.