Not really, pascal operates in small steps. Even at say 60 degree's you will likely drop a step from if the card was running at 40 degrees. This is pretty normal behavior in addition to the significant taper off in speeds you see when you hit the thermal target number at the top end.
You can see there on a solid article explaining boost 3.0 showing that even at lower temps the card can reduce frequency: https://www.anandtech.com/show/10325/the-nvidia-geforce-gtx-1080-and-1070-founders-edition-review/15
It is really only under water where the card is so cool will you usually hit and stay at a consistent frequency (also mentioned in the article).
I've never watercooled before however isn't it a lot more expensive to do properly? How much would it cost for instance to cool a 1080 and a CPU within a rig? Over buying just a £50 CPU cooler in comparison.