Cooler air is denser so more oxygen for intake charge
As previous posts it is thermodynamically more efficient to have the most oxygen in the charge with the correct amount of fuel. Even better if the air is moist as the water expands into steam hence why you motor goes well just after heavy rain when humidity is high.
This then needs to burn at the highest possible temperature to cause maximum combustion and expansion on the firing stroke.
Only time warm air is good is when initially warming up hence the use of EGR valves.