Marko96

When the CPU becomes the bottleneck you'll always encounter poor frametime consistency and framedrops due to the renderthread overflowing. And you did not do yourself a favor by going with single-channel 2400mhz memory on a Ryzen chips. Notorious for requiring decent memory to run close to the intel competition. Neither are they champions of running very high framerates due to their design. Though I feel like running 1080p at this time and age is doing yourself a disservice. 
 
So you're going to have to settle for lower, yet stable framerates. You can do this by increasing graphical settings that increase load on the GPU, and lower those that have an impact on CPU, and in your case also lower texture settings as you don't have excess memory or bandwidth.
 
So I suggest lowering features like:
Model Detail, Draw Distance, Geometry Detail, Textures
 
And increasing things like Resolution (use a resolution scale if you're running 1080p monitor), MSAA, Lighting/shadows, Tessellation, or anything pixelshader related.
 
Then when you've got a nice balance but have the occasional hitch because you're CPU is not able to keep up with the GPU, use RTSS (part of MSI Afterburner, it's the Statistics server) to set a framecap that is low enough as to maintain a stable framerate. Start by setting it to 100-110 and lower it incrementally until you hit a framerate it can viable hit 99% of the time.
 

 
I see no glaring issues with the system, nothing is throttling, I do see some fileswapping from memory to disk, so as I said, be mindful of texture settings. If your CPU is bottlenecking and the GPU load as a result drops, so does it's power. You're seeing a correlation, but it's not the causal factor.
 
EDIT: also, I say bottleneck but don't take this the wrong way. There is always a bottleneck, that word does not imply it's a bad system or a bad part that is being said bottleneck, as it is mostly used on this website as such. I just mean to say that it's predominantly determining performance. If a system had no bottlenecks it would have infinite performance.

M.2 has hackintosh on it so it doesn't mean anything to me. My mobo has 2 M.2 slots and when I plug in SSD into one it will disable 2 SATA outputs but I have that sorted out
 
EDIT:
@Majestic I've followed your topic to monitor with MSI afterburner. Edited the first post. Can you take a look at it? Is my PSU an issue here? Is he causing the stutters because I can see the GPU usage drops when Power % drops. My PSU is Cooler Master Elite V3 550W
 
EDIT 2: 
Increasing the power limit in MSI Afterburner to 112 (max) helped a bit, but  still far from resolved. 

I have both air and water cooling. An AIO is a good solution and better than air cooling. The OP should go with air and 2600 though. 

Ryzen 5 2600 with stock cooler... don't get AiO... it's a gimmick...