Phoenix tried a reflective coating on black asphalt; noon surface heat fell 12°F
(economictimes.indiatimes.com)
I think the argument is that being hit by sunbeams from both sides causes less heat exposure than by the sun from above and asphalt that gets beat on by the sun and radiates heat back up.
I think I’ve seen other places use infrared reflective paint only to avoid excess heat and get similar results.