I agree with everything but this. Thermodynamics do not change based on if hot is inside cold or cold is inside hot. Given the same surface area and temperature differential, the only variable that immersion has is the temperature stratification due to no stirring.
The fact that its counter flow means that the cooling liquid goes from cool to steaming and likewise the wort goes from steaming to cool for the entire cooling period.
With an immersion chiller the cooling liquid goes from cool to the present temp of the wort in the vessel, whatever that might be. And for 90% of the cooling period the wort goes no where near the temp of the coolant, effectively wasting its cold property.
If you are going to run ice water, you'll get a ton more cooling from it if you run it through a counterflow chiller.
Best of all is to run 2 counterflows in serial fashion. 1st stage uses tap water and the second stage uses ice water.
Make sense ?