Yes, same as last season.
The water cooled matrix is believed to be on the engine coolant circuit so you get cooling down towards (not to) T_eng_coolant without the need for another radiator in the side pod. Then the air-air cooler takes the pre-cooled air and cools it down towards (not to) T_pod_inlet. The result is full charge cooling with minimised aero drag burden. Andy Green (FI TD) told RET it adds 3-5 kg cf. air-air. He said they'd like to use it but can't justify the weight offset cost.
Merc can presumably afford to 'buy' weight offsets at "J*DI" per kg.