Water turning into steam soaks up an enormous amount of heat. I assume that thermal runaway happens somewhere above 100C, right?
CO2 extinguishers work by displacing oxygen, not by cooling.
The rapidly expanding co2 does get very cold though. It’s not any different from freezing things with compressed air cans.
I don’t hover, know which would absorb more heat per pound though. Someone who knows more math than I can do it though.
If I’m reading Wikipedia correctly, it takes 348 Joules of heat to boil a gram of CO2.
Water is 2257 Joules per gram. As long as you don’t need anything cooled under 100C, water is the way to go for cooling. It’s also a hell of a lot cheaper and easier to deal with than liquid CO2.