Agreed, regardless of what cooling you use you'll likely hit the cpu's physical limits for vcore around 4.6 give or take. Maybe 4.5, maybe 4.7 and if it's a rare overclocker with really good specs you might get around 4.8ghz but I wouldn't hold my breath for much over 4.6ghz. It's not that water cooling isn't enough, it's often expensive for what it is. It doesn't do much a good air cooler cannot. There's leak risks even if they're small they exist. Just things to consider.
The h60 being a single fan/rad aio isn't one of the better models especially for the price. Not all water cooling is the same. The 4690k typically doesn't get all that hot, maybe a little hotter than a 212 evo can handle. You have to remember a 212 evo is decent enough for the price but it's still a lower end budget air cooler.
For around $35 you could go with a cryorig h7 and call it a day. No ram conflict (physical fitment), a bit quieter and a bit cooler than the 212 evo. Otherwise you'll end up spending $50-60+ for decent air or water cooling and like Ecky pointed out, not much clock speed gains.