From what I've seen, usually the simplest solutions are best for mining. Limiting initial capital expenditure is a good one.

There are definitely reasons to deploy immersion but the upfront costs are expensive.

Most miners put into immersion are under warranty with Bitmain and dunking them voids the warranty which is an issue. Bitmain can have a significant failure rate in the first 30 days with sometimes around a 6% DOA rate. Taking advantage of the warranty versus paying to repair machines yourself can be useful.

There are some manufacturers making immersion ready equipment which I imagine would not cause the warranty to be voided if they were dunked, and that is pretty interesting.