Poor thermals w/ Lian Li A4-H2O

[Omer.Y]

Hi TPU people.
I have recently assembled a compact ITX gaming system assuming it can handle thermals properly, but that doesn't seem the case.
My system:
CPU: Intel Core i7 12700K
M/B: Z690 Phantom Gaming-ITX/TB4
GPU: Nvidia RTX 3080 10GB FE
Memory: Corsair DDR 5 32G (16x2) 5600
SSD: Sandisk SN850 1TB + Samsung 980 1TB
PSU: Corsair SF750 750W
CPU Cooling: Lian-Li Galahad AIO 240

Case as in the title, the AIO fans are mounted as exhaust, meaning pulling air from inside the case outside.

The 2 thermal issues I am experiencing are:
1. CPU temps almost instantly increase with the slightest load, even just opening a web-browser.
I figured the contact of the block with the CPU IHS is poor, but after re-mounting (including removing and re-applying the thermal paste) it didn't help.
2. The GPU is overheating and reaches 85+ degrees during gaming after 10m and eventually the fans are too loud (3K+ RPM) and it just ruins the gaming to the point I have to stop.

I'm not sure what is wrong exactly, is the HW too much for the case ?
Something is wrong with my build ?
I tried to improve the cable management as best as I can to provide optimal airflow to the GPU but that didn't change much.
I also tried to under-volt the GPU (850mV / 1850MHz) but that didn't help much.

Attached some pics.
Actual build is a bit tidier than in the pics.

Would appreciate the help.

Thanks.