Cerny stated it during his reveal. Here's a Eurogamer article with a quote:
"Rather than look at the actual temperature of the silicon die, we look at the activities that the GPU and CPU are performing and set the frequencies on that basis - which makes everything deterministic and repeatable," Cerny explains in his presentation. "While we're at it, we also use AMD's SmartShift technology and send any unused power from the CPU to the GPU so it can squeeze out a few more pixels."
If power delivery is constant and clocks are known variable and not tied to thermals, and unused power from the CPU has to be shifted to the GPU to achieve the highest clocks, then the highest clocks for the GPU and CPU can't be achieved at the same time. Otherwise clocks would be at the maximum and power wouldn't have to be shifted to the GPU to achieve those speeds.
I think you may be missing part of the formula there. CPU and GPU clocks could both be maxed at times when both aren't also at high load.