Hot water is more likely to dry out your skin and can lead to irritation (source). My advice is to avoid extremes. I prefer slightly cool, not cold, water for the bulk of my shave, but give myself a splash of colder water at the end to help close the skin's pores. Lukewarm water is fairly 'neutral' for the skin as well, if you prefer a little 'warmth' with your shave.
Give it a try for a week or so and find out. As luscious as warm/hot water shaves can be, the heat, in my opinion, makes the skin hyper sensitive, which isn't necessarily a good thing for driving a razor blade across it. Good prep helps too. I use regular old shampoo, and it softens the beard quite nicely. For me cold shaves have all but eliminated irritation. Anymore what I do get is more because a push my blade one shave too many.