PL2 blinking in red tells you that the reason your CPU is throttling is because it has reached the short term turbo power limit (PL2). If you look at the main screen of ThrottleStop it shows that your CPU is only running at 9.9 Watts. The manufacturer of your laptop has decided that instead of setting the power limit to 15 Watts or higher, they are using a very conservative power limit of only 10 Watts. This reduces maximum performance significantly and is not what Intel intended. Some manufacturers in this era went stupid when it comes to making laptops that throttle like crazy. It is up to consumers to complain and return devices like this as soon as they buy them but in your case, it is too late to do that. Who made your laptop?
In the ThrottleStop Turbo Power Limits window, try checking the TDP Level Control box. This probably will not make a difference. I think this is the method being used on your laptop but unfortunately this can be set in multiple locations that software does not have access to. Probably best to sell your laptop on EBay or use it for surfing the net. Anything demanding is going to run into throttling problems.
The modern 8th Gen low power U CPUs are a lot more powerful as long as a manufacturer does not get stupid. Here is how a Lenovo C930 with a Core i7-8550U looks.
With some help from ThrottleStop, it can run WAY beyond its 15 Watt TDP limit. The only throttling is temperature related, not power related. Its performance is on par with a fast 4th Gen desktop chip. Many of the 5th Gen mobile CPUs are too locked down to achieve anything.