Couple of things to consider with a W2A setup when the primary goal is to protect from a disintegrating turbocharger.
As 180degrees points out, the difference is going to be marginal - while a water-to-air IC is going to draw the heat away more efficiently, the water is not going to be much cooler than ambient (plus any thermal energy its own cooling system can't remove from the fluid). A front-mounted air-to-air is at ambient without any additional cooling system, but is not as efficient - liquids and solids are better at transferring heat than air........
sorry to wade in late.
water is efficient in heat transfer but thats only a small part of the equation. overall an air-air will beat a w/a system provided your going fast enough. even ARE's fantastic w/a was still beaten by air-air.
water is never below ambient unless your spending energy to make it so. ie ice bucket or refrigeration.
w/a has the advantage when your going full noise at very slow speeds. eg crawling through mud/sand in L1 at full throttle.
i know of one w/a that leaked and caused engine failure. test it before fitting !
i doubt compressor frags will do any damage. they rarely damage air-air and w/a are generally use thicker material.