The difference with watercooling for CPUs seems to mostly come down to lower noise, and only marginally better thermals.
Additionally, a loop with a large volume of liquid offers much more thermal buffer before reaching a steady state temperature.
Most air coolers will be heat saturated within a minute or so. A water cooling loop may maintain lower temperature for minutes to tens of minutes. So even with two solutions that otherwise reach the same steady state temperatures (and therefore throttle equally), you may see better real world performance out of the water cooling solution.
I'll note, I would be building an open loop, not using an AIO/closed loop cooler. My case has room for 7x140mm of radiator in a couple of configurations. I would probably use 5x of that in one 420mm radiator and a 280mm radiator. This should offer much more cooling capacity than any tower cooler.
*Heat capacity = how many joules of energy the whole system takes to raise the system's temperature by 1C.
So, the CPU is generating x Watts of heat = x Joules of heat energy per second. Watercooling can absorb a LOT of Joules before the cooling system's temperature increases, thus helping in keeping the CPU away from its MaxTemp.
Plus when attached to a sizable radiator, watercooling system can release all those energy to the environment faster, thus reducing the effective energy absorbed by the system.
Initially I used the stock cooler, but it idled at ~45C, and the moment I did anything approaching a load it immediately shot to 90C. This was in a room with ambient at around 23C.
After getting annoyed for a while I swapped for an AIO Liquid cooler and hey-presto it now idles at 30C and when maxed out - 75C.
I guess what I'm saying is that you might be interested in exploring some of these options in Ryzen Master. You have some thermal headroom, so if your motherboard has good power delivery, you can max out the power limits and boost clock limits, and probably squeeze out a little extra performance. Power (and therefore heat) is going to scale quadratically with core voltage, and frequency is going to scale less than linearly with voltage, so you might not see much gain (and might prefer not spinning your fans up to full speed under load). But, it's an option that's available if that sort of thing interests you.
I got about 6% more real-world speed out of my Threadripper 3970X by switching from OC off to Automatic Overclocking; with air cooling. AMD's technology here is pretty impressive.
I had no idea what Ryzen Master was until you mentioned it - seems it's some AMD utility for Windows.
I'm running a stock hardware configuration, no overclocking, and running Pop! OS 20.04.