permeability of the surface tension is important here. But I can definitely see how it would work well.
Imagine if you will, permanent holes in a liquid which is being used as a cooling mechanism for 3D circuitry. You keep the necessary air gaps for insulation while ALSO having a heat-sink nearby (the liquid), which would allow for more complex circuitry to be contained in a smaller space at higher temperatures, perhaps… I dunno. Of course the air wouldn’t have to be air, nor the liquid water of course.