So many issues being conflated. Hopefully, some of you find this helpful.
1) There are other constraints that limit the maximum frequency a part can run at besides heat and power. Ultimately you'd be limited by the speed of the transistors and wiring delays. So the chip design and physical signalling components impose hard limits. Please don't think console manufacturers plan clocks around power supply and cooling solution budgets. Everything they do in that regard is within a predetermined window.
2) The PS5 implementation of variable clocks essentially ignores temperature. Sony has set a console standard, or "model", as they refer to it, where typical PS5's are placed in what I'd assume to be a sort of worst-case cooling environment and tested. They then measure the max power draw at which their cooling solution meets their reliability and acoustic thresholds. The result of this testing established a fixed maximum power rating for their SoC which is to be applied to all PS5's regardless of the actual temperature each might run at. So if person A is running their PS5 in a freezer and person B is in the desert, both will have the same power limit imposed.
3) Power draw changes with frequency and load. I think this is causing the most confusion. Processors (CPU and GPU), even when running at their maximum configured clock speed, will draw relatively little power if the majority of its execution units are idle. So even at fixed clock speeds, sitting in a menu doing nothing will draw less power and in turn, run cooler then while in a busy game scenario. Processors are massively parallel units, meaning they can execute lots of operations concurrently. For example, every CU in the GPU is technically able to carry out 128 concurrent operations each clock cycle. Applications, such as games, vary on how effectively they can utilize all the available compute components within a processor simultaneously. As programmers optimize their code and data so the processor can utilize greater and greater amounts of its available compute concurrently, the processing load, and in turn power draw, increases. At some computational utilization threshold (load), the application would reach the defined power limit. In order to be able to concurrently utilize all its available compute and still be under Sony's previously defined power ceiling, the PS5 reduces clock speeds to compensate for that load.
4) Sony has said, when the CPU and GPU aren't being fully utilized, they can run up to 3.5GHz and 2.223 GHz respectively. And that at higher loads, they will run at lower (as of yet undisclosed) clock-speeds. The only sense we have for clock-speeds in a hypothetical 100% load scenario across the entire SOC, are Cerny's comments that 3GHz on the CPU "was causing headaches" and 2GHz on the GPU "was looking like an unreachable target". As 100% utilization across the entire SoC in a practical sense is not possible just due to the inherent inefficiencies of real-world code. data sets, and compute requirements; the expectation Sony has is that they will run at or near the max clocks much of the time.