No, I would say it looks more like Apple for some reason let's the power run wild starting with this generation, as in they aren't controlling it properly. It could be the VRMs overheating by having to deliver much more power than they should and so on.
It's not Intel that sets how much power is fed to the CPUs, that is something Apples control system manage.
AFAIK, the default is not to control the power fed to the CPUs. There should usually be no hard threshold of 45 W. The chip is allowed to work as fast as it can until the temps go too high, and then it throttles. I believe it begins to throttle at 90C.
By the way, this is how my 2017 iMac Core i5-7600 behaves with the YES x 4 test, which pegs the quad-core quad-thread CPU at 100% usage.
Even though this is a 65 Watt TDP chip, at full tilt in this test the power utilization is only 45 Watts (for the package). There is no throttling at all because the temp has remained under 90 degrees C. The base clock speed of this chip is 3.5 GHz, yet it runs solidly at 3.9 GHz, which makes sense since the all-core Turbo of this machine is 3.9 GHz. So, for all intents and purposes, this machine is a 3.9 GHz quad-core machine, despite being labelled a 3.5 GHz machine. The temp is slowly climbing though.
For comparison, let's look at my 2017 MacBook Core m3-7Y32 with the same YES x 4 test.
Here this (presumably) 7 W dual-core 4-thread chip (using TDPup) running at around 10 Watts (for the package), maxed out at 2.6 GHz. But the temp climbs much quicker since the the machine is fanless. Eventually the temp hits 90C and then it throttles, but only slightly down to about 9 Watts, to limit the speed to 2.5 GHz. I tried running Volta to control the wattage to see what happens, but for some reason everything is greyed out so I can't use it.
So again, there is no wattage control of the chip by the machine, until it throttles. However, even though it does throttle, it's OK because it throttles very mildly and performance is relatively maintained. Max all-core speed is 2.6 GHz but under throttling it never drops below 2.5 GHz.
I'd be curious to see how the 2018 MacBook Pros behave with a YES x 12 test. (It was just x 4 for me since both of my 2017 machines are only quad-thread).
http://osxdaily.com/2012/10/02/stress-test-mac-cpu/
On a 6-core 12-thread machine, the Terminal command would be:
yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null & yes > /dev/null &
To stop the test, it's:
killall yes