Compressible wall-modeled large-eddy simulations of Mach 8 turbulent boundary-layer flows over a flat plate were carried out for the conditions of the hypersonic wind tunnel at Sandia National Laboratories. The simulations provide new insight into the effect of wall cooling on the aero-optical path distortions for hypersonic turbulent boundary-layer flows. Four different wall-to-recovery temperature ratios, 0.3, 0.48, 0.71, and 0.89, are considered. Despite the much lower grid resolution, the mean velocity, temperature, and resolved Reynolds stress profiles from the simulation for a temperature ratio of 0.48 are in good agreement with those from a reference direct numerical simulation. The normalized root-mean-square optical path difference obtained from the present simulations is compared with that from reference direct numerical simulations, Sandia experiments, as well as predictions obtained with a semi-analytical model by Notre Dame University. The present analysis focuses on the effect of wall cooling on the wall-normal density correlations, on key underlying assumptions of the aforementioned model such as the strong Reynolds analogy, and on the elevation angle effect on the optical path difference. Wall cooling is found to increase the velocity fluctuations and decrease the density fluctuations, resulting in an overall reduction of the normalized optical path distortion. Compared to the simulations, the basic strong Reynolds analogy overpredicts the temperature fluctuations for cooled walls. Also different from the strong Reynolds analogy, the velocity and temperature fluctuations are not perfectly anticorrelated. Finally, as the wall temperature is raised, the density correlation length, away from the wall but inside the boundary layer, increases significantly for beam paths tilted in the downstream direction.