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There is an issue with aircoolen engines from a fuel economy perspective:
They usualy have to run some kind of strong blower constantly.
This takes quite some energy and results in rather high parasitic losses.
Meanwhile a water cooled engine can run without a fan running in most situations.
There are exceptions to that, some motorcycles and airplanes can get awy without any kind of blower.
In airplanes the weight savings are a significant, but the aerodynamic downsides are sometimes not quite worth it even for them.
(see liquid cooled V12 vs. air cooled radial in WW2)
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