Yes it is much more efficient at transferring heat, but it is also much more efficient at RETAINING heat. This argument has been hashed out about 100 times.
It comes down to the fact that an air/water setup is based on 2 exchangers, the charge air to the coolant, and the coolant to the ambient airflow. The air/air is based only upon the charge air exchanging heat with the ambient airflow. You are actually talking about a difference of a few percent if both setups are optimized (no ice water) for core size, tanks etc etc, with the advantage to the air/air. This difference is so miniscule it is really dependent on the vehicle, the application, size constraints, budget etc.
Water/air will cost more, weigh more, and may heat soak, depending on the design.
Do some searches, I've posted on this before; Tony Dequick has a good post about it that I have quoted as well.
If you use ice water, air/water wins hands down, but ice melts and is only good for the strip.