XSX has ~17% more compute and 25% more memory bandwidth so if PS5 was maintaining maximum clocks at all times it will still be between ~17-25% slower (On paper) which is well within your 15-18% figure.
The fact that PS5 is competing as well as it is in multiplats goes to somewhat prove it's not having issues maintaining and running at it's maximum allowed clocks all the time.
What also needs to be kept in mind is there are certain aspects of the GPU pipeline that run ~17% faster on PS5 due to these higher clocks so it's not as simple as saying XSX's GPU is faster across the board then PS5's.
So as it stands there's nothing at all to show that variable clocks have no space in a console and you could even argue that currently PS5 is showing they can work very well.
What would be interesting to know is what the lowest clock speed PS5's GPU is allowed to drop too during extreme loads.
With that i was referring to MS's statement that they offer fixed level of performance to the devs, as opposed to Sony's variable performance levels. On the other hand, Sony's claiming its all automatic and developers dont have to thinker about regarding the GPU clocking lower when the CPU's needing more juice (or vice versa). The truth is probably in the middle as far as MS and Sony's claims on this. A fixed level of performance is quite in place for consoles, on the other hand Sony's solution aswell since saving power is all that crucial in a console where hardware, temps, load etc are constrained.
Still, i think that say for multiplat games, designed for PC/XBOX/PS and more platforms, what if a game is designed to tax both the CPU (cpu intensive things like 120fps) while also saturating the GPU, for the XSX there wouldnt be a need to reduce cpu load to not eat from the GPU, but the ps5 version would either need a somewhat reduced setting in a certain scene, or the resolution/framerate suffers. I'd guess that developers who dont thinker here would result in slight performance decreases for the PS5 in CPU/GPU intensive scenes.
Though, its quite too early to determine how well downclocking from base clocks (and trading cpu for GPU load and vice versa) pans out. 100% certain very well for games designed primary for the system since studios optimize the game for it and you wont ever know what was sacrificed. But for multiplat games that totally tax the system? That remains to be seen. Theres games who perform just aswell on the PS5 as XSX, or even where the PS5 has a slight advantage. On the other hand, when the XSX has a lead, its more substantional, sometimes in the 20% range, in more rare cases 40%.
MS's box does have a close to 20% more capable GPU aswell as much more bandwith to play with (very important for GPUs even these days). Their system doesnt trade load between CPU and GPU either, the CPU always clocks at 3.6 and the GPU at its 12.2TF metric, there should never occur situations where either clocks down for lower perf levels.
Regarding the 'PS5 competing so well', were too early in the generation where basically everything is cross-generation or based on last generation rendering technologies. To start, ray tracing seems to scale better with a higher/wider GPU TF count. Also, XSX is equipped with RDNA2 features the PS5 doesnt have like VRS which has quite the potentional if dev tweets are to be believed. MS's system also shares the DX12Ultimate api, which could be having an edge since its sharing it with other platforms whereas the PS5, while closer to the metal, is more uniqe, like tempest not getting as much attention in multiplat games as Atmos does (CP2077 is one example).