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I'll be honest, I can't speak to the effects on the engine though they make a certain amount of laymen-logic sense.
What I can speak to from personal experience is your exhaust system may rust quicker. Have you ever noticed sitting at a stop light in the morning, the car in front of you has water pour out of the exhaust when they move forward? That's condensation which builds up and if you don't get everything good and hot to burn that out, it pools inside and will eventually cause components to corrode.
The personal experience comes from having to replace the exhaust multiple times on a shop truck (a Ford Ranger) that drove maybe 5k a year. It didn't appear to bother the mechanicals though.
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