FWH helps to solublize the aromatic hop oils. More hop oils remain in your beer.
If you added your normal late-addition hops (low AA, yet desirable aromatic oils) as your FWH addition, you should be fine, even with a long steep. It may even be more "efficient" from a hop oil solubilization standpoint. Giving the oils time to sit around in the warm wort gives the volatile, yet normally insoluble, oils and resins time to oxidize into more soluble compounds that can be retained in the boil. Otherwise, the boiling process (and fermentation process) will drive off the volatile oil compounds.