The rectifier part makes a fair bit of heat in normal operation. The diodes have a characterictic "formard voltage" which is unavoidable. This is usually about 0.5 volt and is always there when the diode is conducting electricity. If the diode is carrying 10 amps, that 0.5 volt drop means there's 5 watts of heat being produced in the diode. The 3-phase rectifier has two diodes working to make every electricity pulse, so with 10 DC amps produced there's about 10 watts generated as heat.
The original silicon rectifier blocks on SOHC4 bikes run quite hot, and have a bunch of fins to get rid of the heat.
You can use diodes with lower forward voltage drops and reduce the heat generation but the minimum for power diodes is about 0.3 volts. They also cost more.
The regulator part can be designed in several ways, some make a lot of heat and some don't. I don't know what design this one uses. A reg/rect unit, though, will run pretty hot just from the rect function.