Reading the specs of that HKY 240W charger it mentions:
"The 240w charger includes protections against overcurrent, overvoltage, and short circuits, enhancing its reliability in various operating conditions. It also supports a peak load capacity, allowing it to handle power surges up to twice its rated load for short durations. This feature is particularly beneficial for devices with high inrush currents at startup. "
I think a problem with the USB PD spec is it does not allow the charger to tell the laptop about these “peak load and power surges” capability.
If it did, the laptop charger chip could correctly set the short and long current draw limits, meaning that the laptop could pull more peaks from the charger, instead of draw the peaks from the laptop battery.
This is something we have learnt from the thread:
Mind you, the info about that charger also mentions the 5A limit, so how exactly anything can draw higher peak currents is unclear, unless more that 5A is permitted for peaks.