Wait for benchmarks, no other way to know what actual performance differences will be right now.
"Optimized for Watercooling" is probably the strangest marketing nonsense pulled ever. It's 105W TDP chip which doesn't by itself say much but the heat output will be by default +/- 150W (without all-core PBO overclock), less than Threadrippers. It's smaller die though and smaller heatspreader making it harder to cool, but that goes for AIO vs Air towers likewise.
Noctua NH-D15, U12a (not U12s or U14s) will still be superior to almost any AIO on market bar few exceptions.