Heat may kill the existing critters, but will not prevent re-infestation.
Boracol works by works by killing insects gnawing their way in and out of the wood, so once coated, it works also against re-infestation.
The borate itself is not toxic to warm blooded animals - like us - the toxic component is the glycol solvent used to disslove the borate. Once that has evaporated, it's gone.
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- PPB/Oak question