The advantage of water is that it has a tremendous capacity to absorb heat and you can use a pump to rapidly move the water away from the heat source and replace it with new cooler water instead of relying purely on conduction to the heat dissipating fins. Then you can cool the water with a large water to air heat exchanger (radiator) located elsewhere in the case.
Yup, there's a reason why few cars since the VW Beetle have used air cooling.
I can't compare across comparable enough cars but in the early 80s I had a 1980 Honda XR250 motorcycle with an air cooled engine and 1000 mile / 1600 km oil change interval. The XR250 had 24.6 HP while the EPA-satisfying XLS250 had 23.4 HP.
Now I have a 2019 CRF250L. It's essentially the same HP with 24.5 EPA- and EURO4-satisfying ponies (I think around an easy 30 if you uncork the intake and exhaust). But now it is fuel injected, has a cat converter, ABS brakes, and ... is water cooled. And has an 8000 mile oil change interval.
Eight *thousand* miles. Thirteen thousand km. Eight times longer than the 1979-2005 air cooled bikes.
The downside is that water likes to leak and having a water cooling loop creates opportunities for a mess.
I believe the units being discussed come with the water loop already assembled from the factory? I imagine it's pretty reliable.
[when building PCs I specify all the parts myself, but have the store I order them from assemble and test them because they charge SFA for doing so (way way less than my time would be worth) and because they build machines every day while I do it once every few years, so if anything turns up DOA they have other parts to swap in to debug it while I don't]