I'm fascinated to see an identical issue to mine, also with Windows 11 and an Asus board. Whilst the key difference in my case being I'm running a Dark Hero and a 5950x. I get the identical behaviour however.
https://community.amd.com/t5/processors/5950x-win11-maxed-out-ppt-edc-tdc-610mhz/td-p/497744
One thing I've noticed is that disabling PBO eliminates the issue, completely. It also, in my at least, seems to operate more responsively (lower latency, or so it "feels"). This is all anecdotal though, but I do use it a lot and to me, I notice an improved general "snappiness" with PBO disabled on W11. The opposite is true in W10 though, so there is possibly something to this...
Maybe try disabling PBO and see if it improves your situation? I suspect there's an interaction causing issues with the SMC, Windows 11 (the scheduler) and possibly the AMD chipset driver. The power plan doesn't make any difference in my case. Usually the system is idling when the low CPU frequency/high PPT issue appears - and I can confirm the system is running just above room temp, and is drawing idle power draw despite the crazy high PPT etc. values.
Not sure if you've experienced it, but the other issue I've had that only occurs when PBO is enabled is a sudden random hard crash and the MEM error LED lights up (ironically, this happened just as I hovered my mouse over the "Reply" button to write this comment no more than 5 minutes ago! I enabled PBO about 5 hours ago, so I've disabled it again). AC power switch is required to recover that crash, as even the power button and reset buttons stop working. This occurs usually within 12 hours of enabling PBO on my system, but never occurs with PBO off.
