On their factory racecar Mercedes use a water-to-air intercooler. Their customer teams choose to use an air-to-air intercooler
It passes the air through a heat exchanger, the coolant jacket around it cools the air & is then itself cooled down in a separate radiator in the sidepod pic.twitter.com/s1rcqMzq2D

— Craig Scarborough (@ScarbsTech) January 17, 2021