Thermal throttling is likely there, as with any desktop processor even those with “guaranteed” fixed clock, but only for overheat protection. As long as the cooling system is sufficiently provisioned for the target TDP, thermal throttling would not kick in. The declared DVFS ranges are practically guaranteed, and the behaviour is as deterministic as defined by the power management algorithm.
That has been how both AMD and Intel desktop processors behave at least. People dizzing PS5 using DVFS over thermal throttling is equivalent to speculating the consoles maker deliberately skimping on cooling, when they know how much heat is needed to move away from their chip. It could happen, but then that would be an engineering screw-up. :s
I wonder if they'll need to clarify that claim to indicate that the console still needs to be given reasonable ambient temperature, before someone tries to test their PS5 in an oven.
Google brought up an operating temperature of 5-35C for prior Sony consoles.
I'm waiting to see whether there's specific modes or other ways of evaluating when a game hits a power budget limit.
While it may be deterministic from the point of view of the system, it's a deterministic system whose set of inputs is larger than previous generations.
Code that was once evaluated in terms of total amount of compute time, occupancy, or bandwidth contention would need to be evaluated in an expanded space of power consumption within the GPU and CPU, and the reasons for a given amount of consumption may sometimes be counter-intuitive.
It would be neat if there were tools that could give that kind of cost information, or ways of asserting a given load baseline during module testing instead of waiting for an unpleasant surprise after late integration.