Technically yes, having the lights on at intervals will help reduce heat buildup.
The problem is how it effects the plants. Plants do have a day-night cycle and they do suffer if we break it. This means you have to limit the intervals to the 12 hours of it's day (be it natural or simulated by our artificial light). Since this method does not give the plants consistent light, they will not grow optimally. This in turn might lead to algae having a upper hand.
So far, in my experience, the temperature of the water will rise about 4 degrees, from 28 celcius to 32 celcius with the lights on. How fast does this happen? Assume, for example, it happens in an hour (and assuming the rise is almost linear for such a small change). To prevent it from getting to 32 degrees, we turn off the lights after half an hour to allow the water to drop from 30 to 28degrees again. That will take about half an hour, after which we turn on the lights again and repeat the process.
The lights will only be on for half the entire 12 hour "day" period.
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