I would definitely check the settings in the menu, I've found that putting the setting at 10 for heat was so hot that I couldn't use it, I had to set it down to about 8... The heated grips if they are working fine will get bloody damn hot....
I have had the same experience. I don't know what settings mine are at, but when set on the 3 "squiggles", mine gets damn hot.; too hot for bare hands. Even in the low 40s, with light Mechanix gloves, I only need to use 2 "squiggles". Maybe it's because my elements are new and not used very often, or Yamaha made some changes.