Thats one option, part of strategies for reuse of liquid cooling.

To mention, its more energy efficient than air cooling, so there is a benefit. Smart companies though will also look to reuse strategies like using it for building heat. Larger companies will partner with the town/city to distribute the heat into town-wide systems, like for power generation or distributed heating systems, warm greenhouses, or even to dry out wood pellets for pellet stove systems.

Going long is effectively the same as using radiators though, you’ll just need more pipe to do it without a radiator.

Yes, but you have to account for pressure differences. Steam condensing to water shrinks and causes big pressure changes. It’s a lot easier to either vent it or use liquid everywhere.