You really should let your cakes cool completely before wrapping them because the steam is still coming out and by wrapping them hot, the cakes will have a bit of a change of texture, as in more dense, can be rubbery with some kinds of cakes and can be soggy on the outside. And that is why any cookbook you will see will always instruct you to let the cakes cool completely before wrapping them. But wrapping your cakes hot is not putting them at risk although with recent information on the food safety of doing so with plastic wraps and how a certain portion of the plastic actually melts into your food items. well some people might disagree with that too. But basically the theory behind wrapping them while hot is to trap in all moisture or condensation and it does sound good in theory. But also, by wrapping them while hot and containing the steam you are enabling them to actually continue to cook to a certain degree.
A far as putting them hot into the freezer, well this topic always is good for an argument but the biggest concern is this. By putting hot items into the freezer, you are compromising the safety of the other foods in the freezer because hot items will raise your freezer temperature to unsafe temperatures. The biggest risk is with a Frost Free Freezer because these freezers have slight fluctuations in temperature anyway which is how they do remain frost free. But with any freezer that is not solely dedicated to cakes, you are putting the other food items at risk.
And this information was taken from extensive research into freezing and safe food practices through official government research sites.
And I know that this will upset a few people who believe that wrapping the cakes while hot makes for a more moist cake which to some degree is true, it will make the outer edges more moist and yes some of the moisture will not evaporate into the air. But really cakes are meant to be cooled before being wrapped and the moisture loss during the cooling process is or should be accomodated by the recipe.
If you don't want to stay up to wait and are afraid to leave the cakes uncovered, using a water down apricot glaze or a simple syrup, will seal in the moisture and this can be done as soon as the cakes come out of the pans.
Hugs Squirrelly Cakes