don't have the A4-H2O but had built in T1 v1.1 so this is my experience with this layout
With this airflow path, you'll get the best CPU temps since the AIO draws fresh air from outside, however, it is dumping hotter air into the case, and work directly AGAINST your GPU air cooler. Thus your GPU temps will be much worse and temps of other components will also be higher
This way fresh air will be pulled from outside of the side panels, through the perforation and into the radiator. This will also helps exhaust hotter air coming out of your GPU cooler. Thus best GPU temps, better component temps and acceptable CPU temps
If you go with radiator exhausting air out of the case, fresh air will also be pushed through the side panels on the MB side and actively cool the VRMs and M.2s