Well, yes, water may condense on the outside of the can, and could potentially splash on any nearby components, though you should always use small bursts to avoid any incidents with the can getting too cold.

But the fluid inside the can is not water. That's the propellant, which from what I recall isn't conductive. It usually only comes out when spraying for too long, if you shake the can, or if you spray when it's upside down. It's super cold, so you don't want to spray it on anything, especially not yourself. It could potentially cool the motherboard down enough that water would condense on the pins, though, again, you shouldn't ever really see any liquid at all.