Immersion cooling for HDDs sounds a bit overkill when drives only dissipate 10-15W each with most of that heat sunk into the cast aluminum frame. You could probably achieve most of the benefits by simply using the drives' mounting holes and some thermal paste to attach coolant channels to the side walls which could do double-duty as drive rails.
Unfortunately, that approach doesn't scale.
If you've got 60 drives per 4u chassis, that modest 10-15W per drive works out at 7,200W to 10,800W per rack. You can try to conduct that heat into the rack hardware, but it isn't going to go anywhere without a bunch of forced air. When you do blow that heat out of the rack then it has to go somewhere, which in a data center means the HVAC system. You're then using a whole bunch of energy to exhaust that air from the building or chill it and recirculate it.
Immersion cooling for HDDs
sounds like overkill, but it's a potentially rational approach when you're putting tens of thousands of HDDs in the same room. The efficiency and reliability benefits might be outweighed by capital and maintenance costs, but it's a question worth serious consideration for customers like Meta.