Mine is actually DELL OEM single fan 110W and I am curios do I have to tweak anything apart from maybe the target temperature? What would you suggest?
From memory, that's with the RX480 setting, therefore, already "downclocked" to 1266MHz.
And AFAIK, that 110W is assuming you run the card in Windows with the default setting.
In Windows, AMD driver default "power play = 0", and this number will override the setting inside the ROM. Therefore, the card is not allowed to draw more than the "max power limit" defined in the power tune section. Which is 110W for your card.
However, in macOS, due to we use Apple driver, and the driver use the power play setting in the VBIOS, which should be 50% for your card (I cannot quite remember if I read the details about your card's ROM, but 50% is the default for RX480 reference card).
Which means, the card can actually draw 165W. In fact, this number explained why the RX480 reference card can draw ~160W in power draw test. And can draw more than 75W from the slot, end up killed quite a bit gaming PC's motherboard.
Since your card should has the same setting, which also means under high stress, most likely it will draw very close (or even more than) 150W. Which will slightly exceed the official limit that the slot and a 6pin can deliver. But shouldn't be a matter for cMP due to its high build quality.
So, if you really want your card stay at or below 110W, you should mod the "power control limit" in power play section to zero.
Or may be you can mod it to 30%, therefore, it should never draw above 150W.
However, in any case, once you lower the power control limit, your card's performance should drop in macOS. If you care about it, and your setup is working exactly what you want. You better not to change any setting.
For target temperature, your card should set that to 80C already. Not much you can do. You can lower it, but expect higher fan noise (thermal throttling occur at max temperature, which should be 90C for your card). And no point to raise it because 80 is quite high already.