Ryzen is peculiar beast. even more so with newer versions. It's boost algorithm is based on load and temperature. When all features are enabled it's already working at a peek performance leaving little space to OC, basically only OC margin is "Silicon lottery" (difference in silicon quality between 2 samples).
First stage is it's base frequency, in your case it's 3.4GHZ, which what all Ryzen in that class can achieve with minimal power and voltage. All above that is considered a "boost frequency". Given enough power, voltage and cooling, according to specs it should boost to 4.6GHz on all core load and 4.9GHz if full load is applied to one core (which is usually the best quality core). Now if you apply same OC rules as older generations of CPUs, true OC would be forcing all cores to frequency above 4.9GHz which because of algorithm is practically impossible without sub zero cooling. It takes high jump in voltage to go over that limit and it will throttle down when certain temperature (90c) is reached, no matter what BIOS commands it. Other options to tweak performance is to set all core frequency manualy to let's ay 4.5 GHz so it doesn't go bellow or idle/sleep which would force all programs/applications/games to run only at that frequency even if they can't normally push it, Those are also limited by OS/Windows task/core scheduling which attempts to equalize load on all cores or programs are written to utolize limited number of cores.
Set like that it precludes highest frequency which single core can achieve adn so produces lower results in single core applications which is the case in almost all Windows system tasks and many simple core/thread applications.
With last AMD and Intel generations, frequency is not only or largest factor in performance so increasing frequency doesn't always equal better performance.
Intel CPUs are simmilar in that fashion, except they have so called Economy cores that use less power and use so called Performance cores which kick in whe E Core capacity is exceeded.