The power draw is being limited, but not because the CPU or GPU are running too hot (they’ll be in the mid 80s or even 70s). It’s when the power delivery parts (inside the laptop) get too hot to keep up and it can’t keep up. You can override those with programs like throttlestop, but the battery will drop MUCH quicker. When it’s hot the PL1 and PL2 drop to about 25 watts which is basically unusable on 11th gen i9, but it easily has the head room for 45-55 watts. GPU is largely unaffected which is weird. I’ve seen it get limited to around 60 watts, but the 3080 mobile below 80 watts is also awful.

For monitoring power usage I use hwinfo 64 in windows, I’m not sure if the portable version would work.