When it comes to cooling water for long term use, you need to be concerned about a few particular issues.
pH, TDS and anticorrosive chems. Automotive antifreeze mixed at the proper dilution rate provides all three with no need for testing.
If you use distilled or RODI water and a whetter only, you risk a high/low pH and a lack of TDS.
It's unknown if the cheap chinesium PC coolant whetters have any anticorrosives at all so be aware.
Total Dissolved Solids (TDS) is essential to your system and the lack of them will cause erosion of the water jacket metals as the ions from the water jacket will be removed to satisfy the missing solids in your cooling water. This is different from corrosion.
I've spoken about heat transfer a few times here but here's a quote to help you understand the concept better:
"In thermodynamics, the heat transfer coefficient or film coefficient, or film effectiveness, is the proportionality constant between the heat flux and the thermodynamic driving force for the flow of heat (i.e., the temperature difference, ΔT)."
We casually express this as Delta T and at the core, it means the differential temperature of the cooling water before it enters the head and after heat transfer has happened and the temperature of the cooling water as it exits.
We know from a billion of automobiles and trucks worldwide that a ΔT of 20°F is sufficient to cool the ICE and keep them running at temp indefinitely (less fuel, oil and wear).
So it is with our water cooled compressors, cold faucet water, ice, cooling etc are not needed to cool the head. Just water that is room temperature is capable of a 20° ΔT.