My formula says to use cooled boiled water. Specifically, says to allow boiling water to cool for 30-40 mins until it gets down to 50-60 degrees.

I don't do that. I keep a jug of boiled water on the benchtop that would be room temp. If it's a hot day, I mix as is. If it's a cold day, I use the room temp water and boil the kettle and add a bit of piping hot water to make it warmer.

On a hot day, DD likes her bottles room temperature; on a colder day she likes them warm (but not hot).