It depends. Not sure which cpu you have, if it's overheating then it could be throttling and causing game performance issues. There are tradeoffs. Liquid coolers *can* leak, doesn't mean it's frequent problem. Pumps can be noisy, fans can be noisy. They're lighter weight in terms of stress on the motherboard which only really comes into play if you transport your system a lot. Single radiator (120mm) aio coolers are pretty 'meh' in terms of performance. They do work as a cooler but nothing to write home about. Many decent air coolers will do just as well or better. The double radiator (240mm) aio's perform just a little better than the big air coolers. They're usually around $100-120. Large air coolers are usually around $50-75 or so depending on the cooler (some are closer to $80/$90).
Air coolers can be quiet, keep the cpu cool, even though they're heavy they shouldn't stress a motherboard to the point of being a problem unless it's an older really cheap motherboard. Most of the concern comes when moving the pc, if it's allowed to travel and bounce with the cooler attached it's possible to cause problems from the weight stressing the socket/motherboard.
It's really six of one, half dozen of the other. Either aio or air will sufficiently keep even an oc'd cpu cool. Some people prefer the look of water cooling. Another trade off, you either have a big block in the middle of your case or a more open area (possibly better airflow to other components) and tubing routed around. Anymore it's usually the graphics card(s) producing the most heat and where water cooling really shines are in custom loops where the cooling system incorporates one or more larger radiators and cools the cpu and video card(s) both. More/larger radiators mean the fans can run a bit slower and still cool very well and keep the noise down. The smaller the radiator, the faster the fan(s) have to spin to keep things cool.
If your case has a window, looks may play a large role in it. When it comes to actually cooling, either will do well. Your choice. Just be sure to use included software with an aio or use a program to keep an eye on temps. Just in case the cooling fan(s) are still running and the pump is acting up. If the coolant isn't flowing or isn't flowing fast enough, temps can creep up and a visual check of the fans won't necessarily indicate a problem. Same as a car, most of the time things are working normal but good to keep an eye on the temp gauge otherwise you won't know there's an issue.
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