Isn't the issue with air cooling that it's not good enough in high performance car engines? The beauty of a radiator is that it can easily have massively greater surface area for heat transfer than any air cooled engine could achieve, also adding a larger radiator is easy compared to making the air cooled fins larger/more numerous.
Obviously Porsche have done quite well over the years with air cooled engines, but not in a compact installation like in F1 and not without a fan.