I've done a quick literature search since it seems like some papers might be nice. These three seemed most pertinent:
Regarding nutrition, for human breast milk, significant immunological components are lost even with mild warming (i.e. >40C):
^Bransburg-Zabary S, Virozub A, Mimouni FB. Human Milk Warming Temperatures Using a Simulation of Currently Available Storage and Warming Methods. Simeoni U, ed. PLoS ONE. 2015;10(6):e0128806. doi:10.1371/journal.pone.0128806.^
Article
However, there is no immunological content in formula so the main degradation is of the nutritional content. The most conservative figures I could find came from the ESPGHAN Committee on Nutrition:
^Agostoni, C., Axelsson, I., Goulet, O., Koletzko, B., Michaelsen, K., & Puntis, J. et al. (2004). Preparation and Handling of Powdered Infant Formula: A Commentary by the ESPGHAN Committee on Nutrition. Journal Of Pediatric Gastroenterology And Nutrition, 39(4), 320-322. doi: 10.1097/00005176-200410000-00002^
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In short, they reccomended that reconstitution be performed with water temperatures not exceeding 80C. This leaves a nice wide margin for the recommendations made in 2016, which gave particular attention to Cronobacter:
^Silano M, Paganin P, Davanzo R. Time for the 70 °C water precautionary option in the home dilution of powdered infant formula. Italian Journal of Pediatrics. 2016;42:17. doi:10.1186/s13052-016-0228-9.^
Article