If you're in cold country, take a look at a plane that's been outside in the weather overnight in frosty conditions....conditions where there is frost on wings/fuselage, etc.
Assuming an engine heater has been plugged in, take a look at the propeller. While everything else is covered in frost, that aluminum propeller will be totally free of frost. Why? Because that aluminum is bolted directly to the crankshaft....the very core of that engine, and that propeller has been acting as a very effective radiator, conducting heat away from the core of the engine.
Put a prop cover on an unheated engine, and as M6RV6 noted, it'll keep the prop clean. Keep an insulated cover on your prop while pre-heating, and it'll raise the temperature of your engine's core a few degrees, and/or speed the heating process.
Park outside for a few hours in cold? Put an engine cover on, AND the prop blade covers and the engine will cool significantly slower.
MTV