The results in this video contradict every cooler comparison chart I have ever seen which generally show something like the Corsair H100i to beat the big Noctua twin tower air coolers by 2-4c in stress testing.
Plus, Linus fails to mention what is to me the biggest advantage of an AIO water loop and that is it makes working inside the case to install/remove/service other components much easier, not just "cleaner" from an aesthetic perspective.
Not only this, but many or most itx cases will take a 240 mm water AIO but have nowhere near the room for a high end Noctua.
As mackeral pointed out, cooling is just moving heat from the CPU to the air. AIOs do it by moving heat further from the CPU.
The biggest problems I saw with the video have to do with case airflow. In his case, the rads should have been drawing air in though the top. The ambient air is cooler outside the case than inside. But what about inside? The pressure will build because the outflow is limited to that exhaust fan trying to overcome the restrictive "grill" at the back.
A better design would be to remove that rear grill. Then you wouldn't need an exhaust fan: the inside air would make its way out of the case, silently. At that point, you could mount an AIO, and point its air inward. But at that point, who needs AIO?
Before I retired as a heatsink reviewer I tested plenty of heatsinks and a few AIOs. The AIOs had more surface area so they were able to shed more heat, cooling better. But I always conducted my cooling outside a cases in free air, to try to test these coolers independently. From the video you can see what a huge difference a case can make: in this situation it nullified the advatage of 240mm and 360mm AIOs over admittedly high-end heatsinks (air coolers).
So, since 2010, I have always advocated cutting out the rear "grill" and eschewing an exhaust fan. After experimenting with several promising methods, I found that covering the cut edges with Gorilla tape kept them from cutting hands. For aluminum cases as well, finger guards can be attached with fan screws and nylon licnse place nuts (#10, available at auto supply stores).