The high thermals are due to buggy Lenovo power management drivers. The driver almost makes Ryzen behave like Intel p core like agressive frequencies for peak performance rather than sustained performance.
I found disabling Lenovo intelligent thermal solution in BIOS reverted the power wattage to AMD factory spec for CPU and performs consistently. Even shared the exact power profile settings I used on AC and battery saved through Power settings explorer. You can search for these keywords: vasudev Ryzen_CustomPowerProfiles for GitHub link and vasudev ThinkPad P14s Gen 5 AMD on YouTube to get my playlist. Links are not allowed. Note that in using IC Diamond HC pad which performed similar to carbonaut on entire SoC/CPU using cooler master maker get nano to hold the sheet on place.
The tweaks are applicable from amd ThinkPad gen 3 onwards with 58xx series which has similar issues. I've seen similar optimization issue with other OEM like asus, gigabyte, msi etc especially with Ryzen CPU and GPU.
AMD or Intel - Lenovo gives customers who buy the ThinkPad T14 Gen 5 the choice. The business laptop offers many great connectivity and security options, as well as plenty upgradeability, coupled with a good performance. This performance has a price, however.