I have the same issue. I dont think it's the heater element (or whatever) because when I first turn the car on, it heats up just fine. And as the OP said, if you set to HI, VERY hot air blows out.
Now I'll admit. I LOVE heat. Hot air blowing on my face and feet is perfect. I am NOT a "72 degrees is just fine" guy. I'm a 78 degree with seat heater on 3 guy all the way.
What I think is happening:
Car heats up to set temp. But on reaching that temp, it does not know how to maintain it well. So it blows warmish air and then cooler air to keep temp at set degree.
At some point, all I notice is that cold air is blowing out the vents and I have the heat set to 80 while the temp outside is 64.
I think outside temp has something to do with the "algorithm". When it's 60 or below I dont have this issue. But in that 64 to 68 degree range, the car just doesnt know how to deal.
All speculation but I was commuting last week very irritated at cold air blowing on my face with the heat set to 81.