I am seeing the same behavior with a very similar setup:
i7-1260P
32GB Crucial DDR4-3200
WD Black SN750 (WDS100T3X0C)
Fedora 38 Silverblue
Linux 6.2.13-300.fc38.x86_64
Firmware 3.06 (via lvfs-testing)
My idle power consumption with screen brightness set to minimum and nothing open is ~10W, and powertop shows the CPU Pkg rarely makes it below C2 (0.3% C10 very rarely).
I also notice a regression in which the screen hitching/corruption issues that were seen back in Fedora 35 have returned, requiring disable of PSR. (The above observations are true regardless of PSR enabled/disabled FWIW.)
EDIT: I re-flashed the 3.06 firmware using Framework’s flasher instead of fwupd and I now get the expected power levels (down to ~3W with no peripherals, minimum brightness, no KB backlight/WiFi/BT). I think there was a snag updating the “Retimer” when using fwupd, but I didn’t investigate further. The PSR hitching remains, however.