The equivalent circuit should not be taken literally as individual discrete components, it's all happening within the junction.
However, solar cells do heat up more when open circuit. 100% of the absorbed light gets turned into heat. When you use them to power a load, some percentage (the efficiency) goes to the load, and the remainder is heat.
This is true as long as the absorption of the cell (it's color) doesn't change with load, but AFAIK it does not, or at least only to a very small degree -- not on par with the 20% of light that is turned into electricity,