Your laptop uses a wide variety of throttling methods. There is thermal throttling, PL1 power limit throttling, EDP current throttling, TVB throttling and worst of all, BD PROCHOT throttling. The last one momentarily slows the CPU down to 400 MHz. This is going to be very noticeable when trying to play a game.
BD PROCHOT throttling is caused by a sensor external to the CPU. Once triggered, it can tell your computer to run at its slowest possible speed. No manufacturer ever publicly documents what sensors can trigger this type of throttling. It might be a sensor within the power adapter or it could be an IR thermometer sensor that measures the temperature of the back side of the keyboard. These severe slow downs seem to happen for about 1.5 seconds on your computer before it resumes running at a reasonable speed.
It is impossible to get consistent performance from a computer when all of these different throttling methods are all occurring randomly. When one throttling method ends, another throttling method begins. Sometimes there are two problems at the same time. Undervolting is not enough to fix a poorly engineered laptop. If you get better results when you do not undervolt then do not undervolt.
The hidden MSI Advanced BIOS allows users to disable and lock out BD PROCHOT to prevent this kind of throttling. I do not believe your computer has a BIOS option to toggle BD PROCHOT off. You would need to modify the BIOS. This is possible in theory but not many people seem to be doing this. I do not remember seeing any guides about this issue. The majority of 12th Gen and newer laptops that I have seen at default settings have all decided to enable BD PROCHOT and then they lock it so you cannot use ThrottleStop to disable BD PROCHOT.
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I do not know if your laptop has a completely inadequate heatsink and fan or perhaps someone just did a really bad job installing it. You can try replacing the thermal paste with Honeywell PTM 7950.
You can try using using ThrottleStop to slow your computer down. It does not have adequate cooling so perhaps reducing the P Core turbo groups to about 40 might help the cause. A slower CPU will produce less heat and might help you avoid whatever is triggering BD PROCHOT throttling.
Another trick is to set PROCHOT Offset to 10 or 15. This will start thermal throttling at 90°C or 85°C instead of the full 100°C that your CPU is capable of running at. You will get less peak performance but less heat might be able to help you avoid BD PROCHOT throttling.
If you just bought your laptop then sending it back for a full refund would be a good idea. It is defective by design. All laptops are junk. They all seem to have some severe issues that consumers should not have to waste their time trying to figure out. I managed to get my laptop CPU to run decently but the low ball Nvidia GPU power limit has it limping along like a sick puppy. Fixing the Nvidia GPU throttling problem is on my things to do list.