You are right, and also it would require digging which is a lot harder than laying out panels on the surface. Back of the napkin it's a tossup depending on the conductivity of lunar sub-surface material and how much pipe you lay. Just like on Earth.
> Btw, you can make your radiative cooling a lot more efficient than you gave in your example
This is true too, heat pumps could even get higher radiator temps than 100C if you like.
I'm not sure that actually works out to your advantage, because the heat pumps themselves produce extra heat. But I haven't done the math on that.