Where does the heat go?
That is – for me – a question one can discuss well without getting a verifiable answer.
Undoubtedly, a large part goes out the chimney.
A material that absorbs heat quickly also releases it quickly.
Cast iron, for example, is faster than fireclay.
Temperature differences are therefore released into the room faster by a cast iron stove than by one with fireclay.
The fireclay stove holds heat "tighter" for longer and thus spreads out the release over a longer period.
And in that time, heat continuously slips out the chimney.
The faster the transfer to the room is, the less can disappear through the chimney.
As far as I know, cast iron stoves can have an insert made of cast iron instead of fireclay.
It also stores ... and releases quickly. The materialthickness naturally also makes a difference….
I don’t find the matter really clear-cut.
I don’t claim that cast iron is better than fireclay, but different – and not in every case worse.
In my estimation, the advantage of fireclay lies in the fact that it is usually more pleasant when the heat "comes" slowly and evenly.
The closer the stove is to the user, the more noticeable – and probably more unpleasant – temperature fluctuations are.
How this affects consumption (how much wood for how much heat) and the cleanliness of the exhaust (higher temperature means less "dirt"?) can presumably be measured better than theoretically assessed.
... I just like to babble ;)
One reason for the invention of fireclay was – I believe – that it (or he?) is cheaper than other refractory stones and can be easily worked into stoves. Originally, it had nothing to do with heat storage.