Sure. That's in the 0.1 of the 1.1 ratio of compute to other costs and dominates that power requirement.

First off, chips turn a lot less electricity into heat than they used to. The absurd efficiency of compute includes a lot less heat emissions.

Second, cooling is all electric, but it can very easily be multiplied by a factor of 3-5 simply by using the electricity to power ground source or water source heat pumps. Many data centers do this.