Liquid leaks affect the pressure of the system, thereby having a negative effect on the efficiency of the system.
In the case of cooling systems...
At normal atmospheric pressure, plain water boils at 100°C.
At normal atmospheric pressure, 50/50 coolant boils at about 105°C.
In a sealed cooling system at 1.5-2 times atmospheric pressure, 50/50 coolant boils at around125°C.
You'll note that most thermostats open at 85-90°C, and if driven hard/stuck in traffic on a warm day the temperature gauge might hit 100°C. With a leak, the system won't pressurise and the coolant will soon boil off, resulting in a wrecked engine. The water pump creates flow rather than pressure per se, the pressure simply being the result of fluid expansion due to temperature increase within a closed system
With oil leaks, where they are has a bearing on their significance. This is because although the engine is fluid tight, the oil system is effectively an open system (unlike the closed cooling system). So a cam cover leak, whilst messy, annoying and potentially coil pack killing... is mechanically no big deal, whereas a leak from the crank seals or oil cooler is much more significant as the oil in these places is under considerable pressure. The nearer the leak is to the pump, the higher the pressure and the more significant the problem/consequences
Gearbox and diff leaks ideally need sorting, as over time the levels will drop, accelerating wear. The rubber mounts and propshaft dampers will also perish and fail if they become soaked in oil.
Remember, if fluid is getting out, then generally speaking air is getting in. And as you'll probably ask... the reason oil cooler failure lets oil into the coolant and not the other way round... the oil is at a higher pressure than the coolant as it is fed from the oil pump. You'll only get water in the oil if the oil pressure drops below the water pressure...
That should be as clear as an expansion tank after the oil cooler has broken