Yeah, I did have the thought that perhaps you could squeeze out a couple hundred more MHz, if on a 16c model, like you mentioned. Given the highest they got 2 cores was 5.2 GHz, I think we can safely say dropping to 16 or even 8 cores won't net you too much.
BTW, remember that the version of Golden Cove in Sapphire Rapids is different than the one in Alder Lake. They bolted on an
additional AVX-512 FMA unit (
labelled FMA EUs on Port 5, below), AMX, the mesh agent, and more L2 cache. It's quite likely that these additions weren't designed to make the same timing targets as the desktop CPUs, because power constraints would make such clockspeeds impractical for large core counts and designing to more lax timing enables more work per pipeline stage per cycle.