In your example they will both reject the same amount of heat.
In most any internal combustion engine (generically speaking) the heat energy from the fuel burning goes three ways: 1/3 makes power pushing the piston down, 1/3 escapes out the exhaust and 1/3 is rejected to the water/oil. Nothing to do with the size of the explosions. So....if the engine are making the same power (using the same amount of fuel and getting the same MPG) then they are going to be similarily rejecting the same amount of heat. The "explosions" are not "bigger" by the way. They are relatively the same. Since the smaller displacement engine will run at a higher throttle opening it will be working a little harder in each cylinder compared to the larger displacement engine. The larger displacement engine will be more heavily throttled so the "explosion" will be a smaller percentage of what it could be at full throttle compared to the smaller displacement engine.
From a practical standpoint I would say there is no difference in the heat rejected. BUT...for the nitpickers....there is no way the larger four cylinder is likely to get the same fuel economy or use the same amount of fuel as the smaller engine all other things being equal. There is simply more friction in the larger engine with more cylinder area, friction in the crank rod journals, etc.... And, with more piston area the larger 4 cylinder there is going to be more pumping loss than the smaller engine since it will be throttled more. All this equates to more fuel being burned in the larger engine for the same effort going down the road as the smaller one. That would make the larger engine reject (a little) more heat. In addition, the larger cylinders and cylinder head area is going to present more area for heat rejection from the cylinder. Shouldn't make much of a difference but it won't help any with putting more heat into the coolant.
I still think that, within reason, they are about the same but theoretically the example as you stated it is slightly flawed thus skewing the results....LOL
Clear as mud??