A water cooler with the radiator inside the case does not make sense.
It can make sense either as an intake or an exhaust.
In the former case, cool outside air passes through the radiator, and the air inside the case is a few degrees warmer, which is usually irrelevant if the components most limited by heat are cooled by the loop.
In the latter case, you avoid heating the case air further, but have slightly warmer ambient air going into the radiator...but this is no different than most air cooled setups, and again will usually only be a few degrees different in water/component temperature.
Even with the radiator outside the case, fluid cooling without a chiller only makes limited sense.
Beyond a certain point, a water block can remove vastly more heat from a processor than any heatpipe or vapor chamber that will fit in the same area, and surface area of a loop's radiator, even an internally mounted one, can be far higher than any practical air cooler's fin stack.
In practice, eight 6mm, or six 8mm, heatpipes will usually reach saturation at about 250-300w of heat, and the largest of dual tower heatsinks have similar fin area to a thin 240-280mm radiator. A good block, backed by a pump with sufficient flow rate, can move a thousand watts of heat off a part, and a good mid-tower case can often mount three 360mm radiators (or the equivalent) internally...enough to remove several hundred watts of heat from the coolant with a low deltaT.
I currently have a NH-D15S with two 2500rpm fans. The 360mm, internally mounted, radiator I used to have on it could move at least 100w more, with six 1000rpm fans, at the same temperature delta, allowing me 200-300MHz higher stable clock speeds on my HW-E CPU with lower load noise levels.
Interesting thing re liquid coolers is that due to the thermo dynamic properties of the liquids, they take longer to warm up, however when fully warmed up the radiators may not then be as good at dissipating heat, as with an air cooled system.
They also conversely take longer to cool down.
If this becomes relevant in actual use, something is wrong with the coolant loop; insufficient flow rate or an undersized radiator.