If you look at the bottom of them you will see they don't reach the water level and hence only measure air temp in system.
I am interested in my water temp in system. If that is what you want maybe you need to put a wick on the bottom of the unit. I prefer an inside meter that gives me a true water temp. That's what runs through system not air.
. . . As for the motometer reading I don't believe the air temp in the radiator could be significantly different than the water temp. What could cool or heat the air at that location to a different temperature than the water it is in contact with?
Despite the water and air in the top tank being at the same temperature, the MotoMeter will read lower and react much slower if only in contact with air. This happens because of two factors: 1) the much lower thermal transfer rate of water contact vs. air, and 2) the top half of the thermometer is outside, dissipating heat. If the bulb cannot source heat much faster than the top of the thermometer is losing it, the reading will be lower. Glass lab thermometers usually have an immersion mark that needs to be observed for the most accurate reading.
The thermal transfer rate of water to a solid is anywhere from 50 to 100 times that of air to a solid. If your engine goes from 160 to 200 in three minutes, a Motometer touching water will follow the rise and give warning, one in the air will not.
You are correct in theory but there are other factors that I think tend to minimize pure theory. The upper portion of the thermometer is not in free air but is contained in a closed heated housing. Still some heat disipation but I suspect it is at most fractions of a degree. The major factor I believe is the air in the radiator is saturated with heated moisture. When you open the radiator cap the bulb is dripping with moisture. Perhape not quite as fast as immersed but I anticipate the lag in rise time will be seconds rather than minutes.