My literature review found the apparent superiority of two-phase cooling is largely an artefact of mismatched scales and metrics. On Lee et al.'s same-rig comparison, single-phase leads on thermal resistance by 8.7% while two-phase leads on energy efficiency by 78%. The better architecture depends on the framework applied, not only the physics.
Two-phase also carries a failure mode single-phase does not. Its best heat transfer sits right next to dryout, so operating near its optimum means accepting a margin to a discontinuity. Nobody has located that margin at chip-relevant heat flux, or tested two-phase flow distribution across a rack.