Gamers Nexus - Lian Li Galahad 360 Elite Review (I linked this one because it is their most recent and has the most water coolers to compare)
You can skip to 12:34 to see the noise-normalized performance bar chart. A 5600x will never pull anywhere near 198w, so just about every cooler on that chart is over kill. You can see though, that every water cooler beats the best air cooler on their chart, which is the Noctua NH-D15. The Arctic Liquid Freezer II 280 performs 6c cooler on average than the NH-D15, which is a significant amount. This advantage could either be used to run the system at quieter noise levels since your cooler doesn't have to work as hard or to give you more potential headroom when overclocking. Air cooling has benefits over water cooling too though like simplicity of set up, reliability, and longevity.
Gamers Nexus - Arctic Freezer 34 Esports Duo Review you can skip to 13:19 for the noise normalized performance at a 68w heat load. This the same heat load that a 5600x will produce and you can see that even the Vetroo V5 is providing enough cooling for an overclocked 3600. So again, water cooling a 5600x is probably overkill and all you really need is a $50-$60 air cooler to get a good overclock. That being said, I plan to put an Arctic Liquid Freezer II 280 in the 5600x system I'm building. If you're willing to spend the extra money, an aio will simply give you better performance. Lower temps = lower power draw = higher clock speeds. The Liquid Freezer II 280 will likely have enough cooling power for whatever CPU you might want to upgrade to in the future. Once you get into the range of 100w+ CPUs, water cooling becomes a lot more important for overclocking.
Edit: Just a little extra info. I currently use a Liquid Freezer II 280 on a 12600k and I can run it at 5.4-5.2ghz @1.400V (5.4 for single core boost, 5.2 for all-core boost) and loop cinebench r23 for at least an hour with temps under 90C. The 12600k will pull 200w+ when running like this. The Liquid Freezer II 280 is a beast of a cooler.