Under both simulated (e.g. 3DMark) and gaming workloads, NVIDIA GPU Boost algorithms will increase clocks until they hit a limit. On previous-generation GeForce RTX 30 Series Ampere architecture GPUs, that limit was typically the power limit. Since the GeForce RTX 4060 and GeForce RTX 4070 requires less power overall than previous generations, other limits (e.g., frequency, voltage, temperature, and others) may be hit prior to reaching peak power draw. Generally, these GPUs do not need the maximum power to reach their maximum performance & frequency. This allows for a reduction in overall power levels to increase efficiency without sacrificing performance.
More details on NVIDIA GPU power consumption
NVIDIA GeForce 40-series Laptop GPU specifications