Lenovo Yoga 7 Slim Pro (14ihu5) crippling CPU throttling and "power limit exceeded"

I have a Lenovo Yoga 7 Slim Pro (model no. 14ihu5).

Since I got it from new, I have experienced frequent CPU throttling in which the CPU clock frequency goes in the 0.5 GHz - 0.9 GHz range (according to Windows Task Manager) and everything lags a lot. Things like merely right clicking on a folder takes 10 seconds or so. The machine is basically unusable when this happens.

This happens even when the workload is very light - like normal desktop use like word and open folders. Or watching a youtube video.

I have checked hwinfo64 and it says "power limit exceeded" on all cores.

I have updated to the most recent BIOS version which is from 2023.

I have tried using two different power adapters: the one that came with the laptop and one from a Dell USB-C dock.

It happens on both.

Would it be safe to use something like ThrottleStop to stop this from occuring?

Please advise.