Laptop Turbo Boost Problem
Intel CPUs use three unique sets of turbo power limits. The MSR and MMIO turbo power limits can be controlled by using ThrottleStop. There is also a third set of turbo power limits that some manufacturers use. An embedded controller (EC) can be programmed to control these limits and the amount of power available for the CPU can vary depending on input from various sensors to the EC. The power limit throttling schemes that some manufacturers use are never publicly documented. The lowest set turbo power limit is what controls the amount of turbo boost your CPU can use.
The first log file shows turbo power limit throttling at 17W. That confirms that setting the MSR PL1 power limit to 30 and disabling the MMIO power limit are both ignored. The EC has decided to limit power consumption to 17W and that is that.
The second log file when the Nvidia GPU is active is far worse. At times the CPU is being limited to only 7.5W to 8W. The CPU is forced to slow down to a crawl to keep power consumption so low. It slowly climbs to 11W, 13W, 14W and then settles in at 15W. This is evidence of the EC varying the power limit. The HP brain surgeons that dreamed up this excessive amount of throttling have ruined what could have been a decent little laptop. Instead, there are times when your laptop becomes barely usable, especially when trying to play a game.
There is no solution for bad design. I usually do not recommend updating the BIOS because for many laptops, a BIOS update tends to break more things than it fixes. In your case, you might as well go to the HP website and see if there are any BIOS updates available. I honestly do not expect much improvement.
Most of your testing was when the battery was not fully charged. It is possible that when the battery is fully charged, maybe your laptop will be more generous with the power budget for the CPU.
Here is an example of a Lenovo C930 with a similar 8th Gen Core i5-8550U. Lenovo did not program any EC power limits. The CPU can run at full speed indefinitely. It will thermal throttle when it gets too hot but there is no power limit throttling even when running at 38.5W. The result is a huge performance boost compared to what HP did to your laptop.
Edit - Speed Shift EPP on the main screen does not need to be checked. When this is not checked Windows will manage the Speed Shift EPP variable. You can change the voltage like I recommended but it is not going to solve the problem that your laptop has.
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