"Hot spots" can be caused by either foil or Mylar. They are not caused by "wrinkles" in the foil or creases in the Mylar. They are caused when you don't get the reflecting surface flat, but instead it curls into a concave shape. As you should recall from your physics classes at secondary school, concave mirrors concentrate light and heat energy, but the effect depends on the size of the mirror. Small wrinkles and imperfections won't cause a problem. If you have a large area, say 4" or 10 cm across, that happens to be a concave shape - like a shallow saucer - then that will indeed concentrate light and heat and cause a hot spot.
Shiny side foil reflects 80% according to the published figures, and so does flat white paint. This means that after 6 reflections only 25% of the light remains. With Mylar, (98% reflective) after 6 bounces, 90% of the light remains. That's why Mylar is the preferred reflective media. Provided you cover every surface the photons can bounce around a long time before being converted to heat, and the more bounces, the more chance of encountering a leaf and taking part in photosynthesis.