"immediately?"
well then the shot has to be placed fairly close to the spot where the coolant meets the engine Block...
else a leak will ndevelop in the system (pipes, valves, radiator, container...) and the fluid is lost over time, and only after a certain point is reached, the engine temps rise.
but immediately? i doubt it!
Okay, physics time...
The coolant system in Packard Merlin (and R&R Merlin, I presume) used 70% water and 30% ethylene glycol coolant mixture in a
pressurized cycle.
If you are at least superficially familiar with how phase transitions work, you should be aware that when pressure is increased, boiling point of liquids increases - and when pressure drops, boiling point drops as well.
So here's the situation - if the engine is running at hot temperature, and the pressurized coolant system springs a leak, the coolant will probably start to boil immediately. This leads to build-up of gas in the coolant system, as well as loss of coolant due to venting. Gas, being much less dense than liquid, has a much lower heat capacity per volume, which means the system's ability to transfer heat from engine to the radiator is dramatically reduced immediately after the pressurization is lost and coolant starts to boil. So, even if you might still have most of your coolant in the system, the cooling system is not going to as effective as a whole, than an intact system.
The effect is more dramatic the higher up you are. Basically when pressurization of the coolant system is breached, it soon balances its pressure with the external atmospheric pressure, which of course is lower at high altitudes. Even if you're running the engine oil and coolant temperatures at, say, 80 degrees Celcius, if you lose the coolant pressurization - even if the leakage of coolant is slow, it can still start to boil almost immediately which will rapidly overheat and damage the engine. Not sure exactly how fast the engine would become inoperative, but it certainly wouldn't take long.
Theoretically, if it's a very slow coolant leak, and if you're running with a cool engine near sea level pressure, then you wouldn't encounter the boiling coolant problem immediately. However as you keep losing coolant, you'll eventually run dry and then you have an engine with practically no cooling at all.
On the other hand I'm pretty sure the "instant engine seizure" damage model doesn't have much to do with coolant system or overheating directly. It feels like it's more like a hit to some critical part of the engine. Distorted engine parts can generate enermous tensions and high friction forces when they're in contact with each other. And I've seen props windmilling even after a "seized" engine, it's just a matter of how fast you're going...
Also sometimes you can't see where you're hit. Sometimes hits don't cause any physical marks on the plane's exterior, and not all projectiles are tracers. In multiplayer it's even worse because of the lag - you can have a stream of bullets going clean past behind you and receive engine damage a second afterwards because that's how the game just works.
I will agree, though, that it seems weird seeing essentially same engine having different damage tolerances and capabilities on different aircraft. Spitfires seem to generate a lot of power and smoke heavily for an eternity, while a P-51 with heavy smoke will be essentially crippled.