Interesting. Some random thoughts:
I've been contemplating an outdoor boiler with lots of mass to supplement the heat in my house in winter. I have surplus wood galore, but the (dumbass) insurance cost of having the fire indoors is a real barrier. An outdoor "furnace" could be a good workaround.
Water is a lot easier to move from hot to cold places, which is enormously practical. I would have to mitigate the freeze/expansion risk though. I think that water in a boiler system isn't great stuff to make tea with. In small volume installations, managing
legionella is also a concern.
Does water really have more heat capacity than cob? I always thought it was a density per volume thing. Clay and sand are ground-up rock, and sink in water.
Is it necessary to have a pressurized system? I understand the gains in efficiency, and on an industrial scale they are enormous. As a homestead install, I see a lot of tricky issues. Would beer kegs lose integrity if the pH/chemistry of the water wasn't compatible? I don't know.
Like I said, random thoughts. These things are worth exploring.