Caporegime
Overclocking these days is all based on thermals, the lower the thermals the higher the cores will automatically clock. For instance on my card if i can keep thermals below 43c i will consistently see a 2040mhz core clock on my 2080, if i go over the 44c mark or above i will see core clocks around 1950mhz-1985mhz. Manual overclocking does very little these days which i can agree on but overclocking is still there, it's just automatically done based on your thermals.
So to answer the question, yes it is worth it. Watercooling a gpu or cpu will see higher clocks based on the components boost properties.
The benefit of the slightly better clocks from better thermals is pretty marginal between high end air/aio vs custom watercooling. It'll be single figure percentage at the most.