A water cooled tig torch uses a tig cooler to circulate water or coolant liquid thru the torch and hoses to keep it cool.
A water cooled torch also lets you use a smaller torch for higher amperages than you could with an air cooled tig torch.
A water cooled tig torch typically has 3 hoses.
One for argon, one for the power cable, and one for the water return.
The tig cooler usually has some type of heat exchanger that resembles a small radiator that keeps the water or coolant from getting too hot.
Some tig coolers rely on volume and strictly have a reservoir that holds 5 gallons or so of liquid.
If you have enough volume in the reservoir, the torch stays cool enough.
The answer depends on a lot of factors... like the type of work you are doing, the type metal you weld most, the amperage you need, or maybe you just prefer a smaller tig torch in your hand.
IF you already have an air cooled tig torch, then switching over to a water cooled tig torch might depend on what model air cooled tig torch you have.
There are air cooled torches rated for 200 amps like a 26 style torch but there are also air cooled tig torches only rated at 125 amps like a 9 style air cooled torch.
If you have a 200 amp tig machine matched with a 200 amp air cooled tig torch, then you might not ever need to switch to water cooled.
Unless you need or want a smaller torch.
CK offers a trimline 26 tig torch that is smaller than an average 200 amp air cooled torch and when you install a stubby gas lens kit on it, its much smaller and more nimble than most others.
But a trimline 26 is still no where near as small and maneuverable as a 20 style water cooled torch.
If you weld a lot of aluminum over 1/8" thick, you probably go over 200 amps a lot.
And if you fabricate something like EMT vehicles using 1/4" thick tread plate, you might even be well over 300 amps.
A water cooled tig torch is a must for high amperage tig welding.
There are 2 main styles of water cooled tig torches.
a 20 style is a water cooled version of a 9 air cooled and is also referred to as 2 series by come companies like CK.
an 18 style is a water cooled version of a 17 or 26 air cooled tig torch.
and is also referred to as 3 series by come companies like CK.
Which water cooled tig torch is best for you depends on amperage needed, cups you want to use, size, and again personal preference