Yes. Going "back to 2D clocks at 95 degrees" would be thermal throttling, which uses the same mechanisms, but is about protecting the card from damage, not picking the optimal clock speed.
Simplified somewhat, it's like this:
Boost 1.0 algorithm: Select the lowest of the following:
- Maximum boost clock
- Maximum clock that can be achieved without exceeding TDP limit
Boost 2.0 algorithm: Select the lowest of the following:
- Maximum boost clock
- Maximum clock that can be achieved without exceeding TDP limit
- Maximum clock that can be achieved without exceeding temperature limit
Often it is the temperature constraint that binds, which is why you tend to see reported temperatures of almost exactly 80 degrees - this is the default temperature limit. A simple way to improve performance in this case is to turn up fan speeds - then a higher clock speed can be achieved without passing 80 degrees. Or, equivalently, you can leave fan speeds where they are but increase the temperature limit.
The main reason Boost 2.0 is better is that it allows for a less conservative TDP limit, because they don't have to worry about temperatures when they set that.