With a modern low energy CPU i could agree, i don’t have one so I do not know on that front. But the 12900k is the biggest energy user Intel have made i think. So air cooling that comes with some concessions i would think. My worry would be performing an export and the temps shoot through the roof.
I have tried both for overclocking and air never worked for me. So for me its not been true.
Its might be fine for day to day run of the mill CPU but not for anything better than that.
Even the person way up in this post with the new build @Timo00 i think has had to disable turbo to keep the temps down for air cooling on the DAW machine they built to use Air.
Its so dependant on what someone is doing. Gaming it could be true, i have no idea.
I have wished that air cooling worked on high speed/high energy CPUs. I have tried the top end BeQuiet air cooler and it was pants. It will not keep 14 overclocked cores cool at all,
The difference between that and my radiator was my CPU idling at 29 degrees on water and with Air it was more like 40 degrees. Under load my CPU makes it to about 86 on water and on Air i had to turn the whole thing off quickly as it went past 95 with ease. I have a massive case that is 1 foot wide and about 3 foot long and about 3 foot high. So it was not because of cramped space.
There are air cooling external towers but anything other than that is not going to replace my radiator.
A general statement about air vs water cannot be made without some clarifications and caveats.
I would also say the off the shelf all in one radiators are not very good for my needs either.
Here is were i totally agree. When i see someone comparing some 8 core CPU on a tiny all in one radiator off the shelve VS some top of the range Nocuta air cooler.
I guess they are both equally inadequate so they may come out about equal.