In a typical liquid-cooled CPU cooling system (whether AIO or custom) the fluid (usually water-based) circulated around by a small pump is ONLY to carry heat from the CPU to the radiator. For that purpose water is ideal because it is cheap and has very high thermal capacity, and relatively harmless if it leaks.
A REFRIGERATION (Air Conditioning) system is VERY different. It uses a COMPRESSOR to compress a GAS into a LIQUID (big phase change releasing a lot of heat energy), then removes that heat from the liquid using a Condenser Coil (liquid-to-air heat exchanger). The resulting pressurized liquid at room temperature flows through a line and through a small orifice into an Evaporation Coil (a gas-to-air heat exchanger) where, as a result of much lower pressure, it expands back into a GAS, absorbing a lot of heat to do so. That chilled Evaporator Coil chills the air passing over it, and the gas then flows back in another line to the intake port of the Compressor. So the fluid circulating in the loop MUST be one with just the right set of pressure and temperature characteristics for those phase changes and a suitable Heat of Vapourization. Plus the components of the loop are MUCH more complex than a water pump and a radiator.
Merely changing the fluid mix inside the loop in any computer liquid cooler system does NOT make it into a refrigeration system.
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