You could replace the heatsinks with bigger ones, seems like you have vertical space.
some examples :
https://www.digikey.com/en/products/detail/assmann-wsw-components/V2006B/3476155 or
https://www.digikey.com/en/products/detail/aavid-thermal-division-of-boyd-corporation/504102B00000G/5832You should measure the output current of the 3.3v regulator. If you don't have a multimeter that can measure current, just desolder the Vout pin of the meter and place a 0.1 ohm resistor in series, between the output voltage pin of the meter and the through hole on the board. Now you can measure the voltage drop across the 0.1 ohm resistor (10 1ohm resistors in parallel = 0.1 ohm or a few sub 1 ohm resistors) with the multimeter in voltage mode, 0.1v drop on the 0.1 ohm resistor would equal 1A of current.
That heatsink definitely isn't good for 7.5v - 3.3v at high currents.
Also :
based on the picture and ETHERNET written above the 3.3v regulator, it makes me think that regulator would be for the DV9008F ethernet chip above, but that chip works on 5v and has a maximum power dissipation of 500mW.
Could it be that someone accidentally switched the voltage regulators around? Check the output voltage trace, see where it goes, to what chips.
The AM29LV004 flash chips are 2.7v - 3.6v devices, maybe the 3.3v regulator is for those....see if those get hot, maybe one of those is going bad or there's some shorted ceramic capacitor around them.
Don't blindly switch the regulators as that could make 5v go on 3.3v output and damage chips but check this possible scenario
See attached datasheet if you want, you see the chip runs on 5v (and i would expect it to work on 5v as it's a ISA plug and play ethernet controller and ISA had 5v, -5v and 12v, but no 3.3v)