Well gaming sessions can last hours on end, the throttling isn't a result of loading for 110 seconds, it's a result of heat. Once the controller has gone beyond the heat boundary it throttles. Going hard for 7GB/s for 2 minutes generates heat that eventually leads to the throttle. We don't even know how to insert a nvme drive into the PS5, I have no clue what it looks like in there. You have these gaming sessions for hours on end, the ambient temperature of that case is bound to be higher than what you find in a PC.
No we don't, and you're thinking Sony haven't thought about this - or that it was a 2nd thought. As I said earlier, they decided 825gb very early and as such will have planned for the fact users will need rather than want to upgrade. I wouldn't be at all surprised of the PS5 SSD is a little caddy that helps dissipate the heat.
But keep lets on with the concern trolling...like when Sony first announced the SSD speed and everyone doubted it, and then people dissed the variable clock speeds and now we're getting reports it's actually working as advertised.