Air Cooling over AIO - personal preference
We have all seen the tests and comparisons.
In most cases (not full 100% load constantly), Air Cooling is comparable to AIO's (off the shelf 240mm and some 360mm).
I have been building PC's since the mid 90's, and still remember adding the first fan and cooper shim to a CPU.
I am very Old school, and believe that sticking with Air Cooling is the best option for 95% of all computer builds. AIO is a niche market when pushing the CPU over long periods and keeping it at Load is required for your workloads. There are a lot of benchmark chasing posts, that do not reflect what their PC is actually being used for.
With Air Cooling, the only point of failure is the fan, and when it does fail, simple and easy correction.
With an AIO, you add multiple points of failure to the equation, as well as collateral damage possibilities. You have Fan, Pump, Tubing, Radiator points of failure. In worst case scenarios, liquid can leak into your case, and take everything south of the CPU (NVME's, GPU, Add-in Cards (Controllers, Sound Cards, etc..), Motherboard, PSU (normally below the board in most cases).
Too much for a small difference in performance outside of benchmark chasing for a large majority of end users.
Again, my opinion.
Granted, AIO systems look nicer than Air Cooled, cannot dismiss that.