IMO, it depends.
If your case is getting adequate air flow, and keeping the CPU temp at decent ranges under gaming load, then shelling out the bucks for water cooling may not be needed. Bear in mind the inside of the case is heating up via other peripherals, especially, the GPU. I wouldn't assume that a 65W chip is fine without checking airflow, case temp, fan speeds (assuming auto scaling), fan noise (if that's a concern for you), and all temps. Under prolonged extreme conditions, the CPU longevity and performance will suffer.
If budget isn't an issue and you like the cool lighting, get the water cooler with LED lights. My last two builds have been with water cooling and even playing intense games on the highest settings, my 14700K stays under 50 for the most part. Yes, it can handle twice that, but my experience has been performance declines when temps rise.
I can't really speak to the 5 year thing because I do a new build every 3-4 and my last two coolers were fine.