The power setting displayed in above screenshots are perfectly fine for his CPU. Have an identical model (also paired with MSI laptop) - and don't get any throttling whatsoever - with same values. I tweaked it and played with most settings and only triggered EDP throttling - while lowering PL1 & PL2 below 45. Again, those iccMax values and same goes for Power Limit 4 are accurately tweaked for an i7-9750H (MSI followed Intel's power design for this CPU to a T - so it's perfectly tuned with those values).
His throttling issues are actually heat related. He does have BD Prochot enabled. Tho, if his BIOS settings are anything like mine - he probably has another thermal trotting feature activated - as in -
CPU TCC offset. As i notice even on other MSI laptops - it's usually set to 5 - which means... if the CPU gets close to 95*C it will trigger thermal throttling quite aggressively. But it works both ways - as in - it won't throttle till the temperatures drops considerably - but try to calibrate the frequencies till it runs consistently at 95*C. Thus, the performance hit is not that impactful - as it is with other throttling features - where the CPU has to cool down for it to run at high frequencies again (same goes for power throttling features). This feature was even promoted for certain Alienware laptops - where some would even recommend to set it to 15 - as in - 85*C being set as the throttle trigger. As it happened in the following demonstration:
Tho, if the game in question is so demanding - that a system running at its MAX frequencies can barely run it at 23 FPS, then... yeah - i guess the impact could be noticeable (if it runs at 16 FPS with TCC Offset triggered). Then again - if that's truly the case... i think it's more reasonable to conclude - that the game in question simply needs more capable hardware (especially if it's a laptop). ^^