You are probably right. I just found ryzenadj and went to a 43W (hard limit) constant load. See [TRACKING] PPD changes have no effect after suspend on AMD until reboot - #16 by Justin_Weiss
TLDR, cinebench R23 went from 13818 to 14874 with unlimited cooling. There is serious throttling due to the chassis temperature triggering skin burn protection. The laptop body needs more room to breathe to sustain the TPD. CPU temperatures are fine.
I suspect GPU bound scenarios might benefit more from this.