That was a little bit vague. How does the heat actually get out of this thing and into the water? If the plasma is confined in a magnetic field, not in contact with the shell, and the shell is super-cooled to 4K, I'm a little lost on how it would work in practice.
I think only the shells of the superconducting coils are cooled to those temperatures. The rest of the system, including the containment walls, are water-cooled.
In a real system you would also have neutron radiation carrying away energy that could be captured with additional layers of water.
i have absolutely no authority to speculate, but i would guess you'd vent plasma to a heat exchanger by diverting only part of the stream with a controlled EM field, either periodically or continuously. You'd have to do it anyway to remove the helium and inject some fresh tritium and deuterium, right?
There are schemes to convert charged particle flux directly into electricity, but I'm not aware of any fusion power experiments that use them: https://en.wikipedia.org/wiki/Direct_energy_conversion