Run something consistent like Cinebench when testing. What PKG Power consumption does ThrottleStop report on its main screen when PL2 is red or flashing red?
Your screenshot shows that you have the MSR PL2 power limit set to 115W. That should be enough. Are you at this power level or much lower when PL2 throttling is happening? Some laptops set a lower power limit internally which ThrottleStop cannot adjust higher. Turn the Log File option on when testing. It makes it a lot easier to see how your computer is performing over time or while in a game for 15 minutes. It will help show how much, if any, thermal headroom you have.
When finished testing, exit ThrottleStop so it can finalize the log file. Attach a log to your next post. The default log file location is your ThrottleStop / Logs folder.