By performing experiment and model studies on a triangular-lattice dipolar magnet KBaGd(BO3)2 (KBGB), we find the highly frustrated magnet with a planar anisotropy hosts a strongly fluctuating dipolar spin liquid (DSL), which originates from the intriguing interplay between dipolar and Heisenberg interactions. The DSL constitutes an extended regime in the field-temperature phase diagram, which gets lowered in temperature as field increases and eventually ends with an unconventional quantum critical point (QCP) at Bc 0.75 T. Based on the dipolar Heisenberg model analysis, the DSL is identified as a Berezinskii-Kosterlitz-Thouless (BKT) phase with emergent U(1) symmetry, and the end QCP belongs to the 3D XY universality class. Due to the tremendous entropy accumulation that can be related to the strong BKT and quantum fluctuations, unprecedented magnetic cooling effects are observed in the DSL and particularly near the QCP, making KBGB a superior dipolar coolant to commercial Gd-based refrigerants. We establish the phase diagram for triangular-lattice dipolar quantum magnets where emergent symmetry plays an essential role, and provide a basis and opens an avenue for their applications in sub-Kelvin refrigeration.