No physics again.
The energy saving is in the pumps required to force coolant through the microchannels. The overall energy consumption of the device is unchanged, and the amount of energy required in the heat-pumps to transfer the waste heat from the devices to the air (as that is always the final destination for data centre heat, unless you are on the coast and use seawater cooling). So the energy saving is marginal at best, and won't lead to the devices under the micrchannels using any less energy.
Remember, every Joule of energy that comes in from the power grid into a data centre leaves it in the form of heat. Every single one.