This is observed by using s-tui to continuously monitor the power consumption, core frequency and utilization while compiling the kernel.
Running a "cold start", the system power peaks at 40 watts, and then drops to 25 watts (could be a thermal trip point, or a "long time power limit"?), where the CPU package draws 16 watts, resulting in all-core frequency at 1.6GHz. Core temperature stabilizes at 71C.
Curiously, I lowered the screen brightness to 5%, and the CPU package starts to draw more power (20+ watts) and all-core frequency goes up to 2.0GHz. Core temperature stabilizes at 78C.
So this does not solely look like a thermal throttle -- but where does that 25W limit come from?