I'm more inclined to think it's down to the fact GPU heatsink fans need to pound away at 70-100% to keep the cards below 70c, whereas water blocks keep them below 40c with rad fans spinning at 700rpm or lower.
It's not very often that a card needs to ramp all the way up to 100% to keep the cards below 70 degrees.
Though it depends on the heatsink design and where the air is going. Rear exhaust blower cards are typically worse performers in terms of overall absolute temps, but they don't have the issue of heatspots like open dual/triple fan heatsinks do.
I've got 2 water cooled systems, one for quiet, one for performance and they behave in very much the same was as I've outlined. They are both X79 systems with dual GPUs.
My quiet system's graphics card temps aren't much different to when they were air cooled, but they are significantly quieter, it's actually a pretty much silent system. It makes sound, but I can't hear it over the ambient sounds in the room.