It depends on the service of the heat exchanger but preferably, never in the CW side.
You may want to control the top pressure of a distillation column and have the possibility to change it, depending on the feed.
Our debutanizer has variable pressure and we control the pressure by a CW control valve in the condenser but it is the only case in an entire steam cracker plant.
However, fouling problems, depending on the water quality you have can be severe, mainly corrosion if the CW velocity are low.
AndreChE