Bold is “says you” though. PS5 has been designed with a constant power consumption / thermal profile in mind not variable speed based on the current temperature of the HW (do not play it under 42° degrees sun or inside a sauna though
).
Based on the workload being run the CPU and GPU will be able to adjust clocks so that their combined workload does not exceed that budget... with the CPU being able to downclock first (GPU may have precedence with Smartshift unless the GPU is the one not doing enough work at the moment) and give some extra headroom to the GPU when needed so that the GPU can avoid downclocking.
CPU and GPU may downclock in some extreme scenarios, but If they play it well with Reducing voltage they can drop power budget usage a lot with effectively very small frequency drops.
The scenarios where the GPU may downclock low or far lower than the 9.2 TFLOPS target are when it is not requested to do work that needs the extra performance. Not sure beside dick measuring why it is important not to shut off unused units and lower clockspeed when there is not enough work to do: research the concept behind racing to sleep as strategy to keep power consumption down and have performance when you need it.