This is what it boils down to IMO.

A2A: simplier, more reliable. effective when properly sized and gets airflow.

A2W: more complex (more parts, water pump can fail). more weight. potentially reduced pressure drop and better throttle response. Also, can work for short periods of time with no need for airflow across the radiator for the water assuming it has a decent sized water resevoir. So this can be useful in a draft where an A2A will not be effective.

Both setups can be effective or ineffective depending on how you design them. If you size the A2A IC too small, then it won't be that effective and/or have a high pressure drop. With A2W, both heat exchangers need to be sized properly as does the water pump. You size any 3 of those poorly, and the system won't be that good.