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Some high end defense components use a third concept called spray cooling where a nozzle sprays fluid directly onto the chip.
I've actually been thinking about this. It may be possible to design a closed heat sink on top of the IC chips that encloses the metal fins, spray nozzle, and pipes to the pumps/condensers. That way you may be able to choose a fluid that causes less corrosion.
Well with spray cooling you don't even need a heatsink. The advantage is that it can handle extremely high heat loads 90W/cm2 is possible and with subcooling that can reach 300W/cm2 or more. So pretty much insane power densities that would cause the component to melt with air cooling.
The disadvantage is that spray cooling requires some pretty incredible precision and if anything fails the chip will die in a matter of seconds (if that). IMHO immersion cooling is already pretty complex as DIY project anything beyond that is starting to get into a serious engineering challenge.
