Use boracare spray, a borate containing liquid, wood needs to be kept out of the elements or the boracare washes away.
Boracare and Timbor are not great at killing existing bugs/larvae but will prevent new ones from infesting. Boracare absorbs a little more deeply in the wood than timbor but it is more expensive. I spray right after I mill, hoping to form a protective coating. So you are right, the spray does not take the place of a heat cycle. The heat cycle is 100% effective, but you can get your wood reinfested after the heat cycle.
I find not all species of wood is that vulnerable to borers. The heartwood of cherry and walnut doesn't seem to be a problem, while oak maple and hickory is very vulnerable. Also most borers live in the bark/sapwood area and need higher moisture contents to thrive.