If fixed clocks of 2.0 GPU and 3.0 CPU were hitting a power wall, how is it possible for the variable approach to constantly keep both near 2.23 and 3.5? Doesn't add up.
Trying to explain this and keeping it simple:
First you need to understand this:
Imagine your water supply pipeline.
Did you knew that if all the persons on your street, opened all fawcets at the same time, there would be no water coming out?
Why? Because pipes are not calculated by multiplying the number of fawcets by the desired water comming out of each.
There is a zero possibility of every person opening all fawcets at the same time.
So estimated consumption is made by average person consumption, making an estimation on regulation plans and soil occupation. And even then, only a percentage of that is used, because not all persons will use the watter at the same exact moment.
The same is made with power usage. Consoles could estimate power for a full 100% usage of all components, lock the speeds, and then make the cooling system.
You would end with a huge case, and a high cost cooling solution.
And for what? For nothing! That scenario will never happen. No game will ever use the GPU that way.
So, workloads are estimated using an average. They check what games are doing and using statistic methods make a determination on what power usage will happen, creating a cooling system for that.
This will happen on all consoles, PS5 or XsX.
Note that thermals are caused by power usage, and power usage comes as a result of workloads. And workloads also depend on clock frequency since the system will be making more calculation every second.
So a better way to try and keep power usage within control is to control also some variables. The most used one is the clock speed. You lock it, so that workloads can be more constant. Your output will no longer be dependable of clock speeds, but only on GPU components usage.
Even so, GPU clocks are locked bellow the maximum possible. And why? Because of thermal problems!
Since GPU components are not locked, an increase on their usage above the one expected when creating the cooling solution will increase power usage, so if the GPU usage goes above the estimated power usage, it will overheat.
But overheating cannot be deterministic. I mean your system cannot simply lock because the system went above the expected heat. So the chip has to have a margin. It can heat above the expected, and that's why fans are prepared do speed up.
Problem is, the cooling system is not efficient in that way. They were not optimized for those temperatures. And as such, if thermals keep above the ideal, the system will eventually overheat out of control, crash or reboot. Chips have then a safety precaution, where they will turn off if a certain temperature is achieved.
PS5 goes the other way around.
First the PS5 will not lock the speed variable or the workload variable. It will be deterministic and just lock the maximum power usage, also locking maximum temperature, and making a coolling system optimized for that temperature.
This is way more efficient on getting thermals under control.
This means PS5 is designed to never go above that temperature. But if by any chance, if thermals were badly calculated and temperatures do go up, even then it will not overheat. It will downclock a bit, reducing power usage and keeping thermals in place.
This means the Chip doesn´t need safety margins to handle increasing in temperatures, and as such you can squeeze the maximum speed out of it, that keeps it within your cooling system temperature control range.
Hope I made it clear.