Oil has been successfully used in all power company`s distribution AC power transformers for many, many decades without any significant AC current leakage issues to help heat sink (effectively radiate the heat to the surrounding air) the windings, and often thermostatically controlled electric fan assisted at the substations big distribution transformers..
And very large TV/radio transmitter final output tubes use pumped "pure water" (de-ionized) to cool them with tubes HV anode exposed to the water in a closed loop configuration..
The water`s purity is monitored via a sensitive ( low milliamp) current meter connected between the water and the transmitter`s ground circuit, as after a period of time the once non conductive cooling water becomes slowly conductively polluted from the tubes metal components immersed in the water releasing it`s conductive metal particulates, and the water cooling system must be drained/flushed and replaced with fresh pure water.
As I remember studying my Howard W. Sam`s 1st/2nd class Radio License FCC training books in the mid seventies, plus the on duty transmitter operator at a ch. 6 TV (WSIX, I think)) transmitter site, who generously offered to give me a several hr. and complete tour of the TV transmitter`s building`s inner workings down in South Miami (really Homestead FL.) in 1979, after I curiously putted up to the transmitter building on my motorcycle one early spring afternoon shortly after the station had greatly increased it tower height and power output and replaced the multi ton antenna structure.
The transmitters onsite work shop also had a IIRC correctly, a 75kw rated water cooled RF dummy load for checking out/testing the final 50kw TV transmitter`s huge visual output tube.
Very interesting and up close informative personal tour that individual provided me, and helped that he was a fellow motorcycle rider in befriending me, and found out I was also an electronics technician interested in high powered RF power generation.