There is a well known connection between statistical mechanics in D spatial dimensions and quantum field theory in D-1 spatial dimensions. Changing the temperature in statistical mechanics corresponds to changing the coupling constants in the QFT. Changing the temperature in QFT corresponds to changing the system size of the classical system in the Euclidean time direction. I'm wondering about the relation between these two distinct notions of temperature (using the Ising model as a concrete example).
Let me sketch the argument taking the classical Ising model Hamiltonian in 2D to a quantum system. The classical Hamiltonian which appears in the partition function is $$H_\text{cl} = -\sum_{i,j} \beta_x \,\sigma_3(i,j)\sigma_3(i+1,j) + \beta_y \,\sigma_3(i,j)\sigma_3(i,j+1),$$ where the $\beta_x,\beta_y$ are coupling constants in the x and y directions, each which contains a factor of the inverse temperature $\beta$ since this appears in the exponent of the partition function.
We can take the y direction to be Euclidean time, and think of the transfer matrix between rows as being a time translation operator $e^{-H\tau}$ where $\tau$ is the y lattice spacing.
To figure out $H$ we can take the limit where $\tau\rightarrow 0$, but to keep large scale properties the same we have to also take $\beta_y\rightarrow \infty, \beta_x\rightarrow 0$ in a way that involves a new parameter $\lambda$. This parameter can be thought of as containing information on the original temperature.
Doing this procedure (the Hamiltonian limit) we get the 1+1D quantum Hamiltonian $$H = -\sum_i \sigma_1(i)+\lambda \sigma_3(i)\sigma_3(i+1).$$
Now my question is where does the size of the original lattice $L$ in the time (y) direction come to play? To get back to the original partition function we look at $\text{Tr}\, e^{-LH}$. But thinking of it as a quantum system this $L$ plays the role of inverse temperature. But all of the temperature information is supposed to be encoded in $\lambda$, with $\lambda=1$ marking the position of the critical point.
Did we secretly take $L\rightarrow\infty$ in the Hamiltonian limit, in which case we should use vacuum expectation values to talk about original system (and this is why the critical point only depends on $\lambda$)? In talking about the statistical mechanics on a finite lattice is it fair to use $\text{Tr}\, e^{-LH}$, which seems like it has effects due to two "temperatures"?