Water boils at 212 degrees Fahrenheit, but that’s only if it’s pure, distilled water that’s free from contaminants and minerals that can lower that boiling point substantially.
Most engine coolants/anti-freeze products are based on ethylene-glycol, a form of alcohol that features a boiling point of 387 degrees Fahrenheit. The lower boiling point of water vs. antifreeze means that there’s a higher chance of steam forming inside your cooling system, which considerably reduces efficiency and could cause your engine temp to spike in an extreme situation.
Another issue is corrosion. Over time, if you use tap water inside your car’s radiator, the deposit build-up can seriously impact its operation. Mineral-free distilled water is a safer bet, but you still run into the problem of rust and corrosion forming on metal cooling system components. Coolant/anti-freeze gets around this issue, as the ethylene-glycol does not corrode most metals, providing a protective coating that will extend the life of your engine even during harsh, hot weather. It also contains additives that work specifically to prevent corrosion from taking place, and sometimes your engine manufacturer might specify a type of antifreeze to make sure the necessary additives are used.
It's three basic concerns - heat control, freeze control, and corrosion control.