Bidirectional stretching sheet models can represent surfaces in heat exchangers where fluids flow under continuous deformation. Ternary hybrid nanofluids could be employed in these systems to increase heat transfer rates between fluids in heat exchangers and improve the efficiency of energy conversion processes. In this work, we explore the novel application of a ternary hybrid nanofluid (water with titanium dioxide, cobalt ferrite, and magnesium oxide nanoparticles) for enhanced heat transfer in heat exchangers modeled by a bidirectional stretching sheet. This approach offers a potential advancement over traditional nanofluids (with one or two nanoparticles). Furthermore, we present a comprehensive analysis that incorporates ohmic heating, Cattaneo–Christov heat flux, thermal radiation, viscous dissipation, and irreversibility. The governing equations are transformed into a system of nonlinear ordinary differential equations using appropriate similarity transformations and then solved using the bvp4c solver, a MATLAB built-in function. This study's findings reveal that the Eckert number and radiation parameter increase fluid temperature, while the thermal relaxation parameter leads to a reduction in the temperature of the fluid. It is detected that an increase in magnetic field parameter and volume fraction of [Formula: see text] results in a decline of the skin friction factors in both directions. It is revealed that there is a reduction in the Nusselt number with the rise in Eckert number ([Formula: see text]), and the same number declines at a rate of 0.8252 when [Formula: see text]. It is noticed that the skin friction coefficient declines at a rate of 0.62179204 (in case of x-direction) and 0.621791816 (in case of y-direction), respectively, when the values of magnetic field parameter lie between 0 and 3.5. Furthermore, it is noticed that an upsurge in thermal relaxation parameter results in a fall in the temperature of the fluid.