"I figure that at lower speeds, the air spends more time in the heater core, and gets hotter, so that makes up for the fact that there is less hot air. "
Yes, and no. Yes the air gets hotter at slower velocities. And no it doesn't make up for it. While the air coming out will be significantly hotter, you still get the most heat by having the max blower speed. Max blower speed forces more cold air into the heater which extracts more heat from the heater core.