lol you’d be surprised how tempting that is. Thankfully flow koolers is sending me out another thermostat.
It will take all of 10 minutes to check it before installation. Heat a pot of water on your stove with a thermometer to watch it. That thermostat should open fully at 195°F.
Take the one you just installed and run the same test. If it also opens at 195°F, then stop and consider what else in your system might not be working properly.
Was that new thermostat clean or is there debris in the diaphram?
Have you brought the vehicle up to temp with the radiator cap off and watched to see if you have flow when you shouldn't?
Do you know for certain the ECT sender is accurate?
Do you know for certain the heater core is flushed clean and not fouled with debris?
Do you know for certain the fit in the thermostat housing is good and coolant is not bypassing the thermostat?
Is your fan clutch unlocking (there will still be some resistance). This in itself shouldn't lead to persistent undertemp conditions but could contribute.
Does your water pump have an overdrive pulley for some reason?
I think the parts you can reliably say are not faulty are the radiator and radiator cap since you aren't overheating. If you test the thermostats, then you can take them off your list.
Bleeding/burping air from the heads isn't correlated with operating under-temp. Air pockets lead to low pressure in the system, which leads to overheating. It's a bit counterintuitive but you'll get flashing to steam which both reduces thermal conductivity in the head and can reach higher temps. Same reason a pinhole in the radiator leads to overheating. Operating at about 2 atm results in a significantly higher boiling temp in the system, something those of us living at high altitude know well in inverse where water boils at say 198°F instead of 212°F at sea level.