Windows just had a couple of updates KB 5000842 and KB 5001330 that are both known to lower fps in games for some ppl. There is a Known Issue fix from Microsoft.
Specifically, Valorant has also had issues with Asus motherboards running Asus Suite software that has had major impacts on fps.
I'd not assume needing a more powerful psu will fix an issue when you are not even using close to the psu's maximum capacity. That's like saying you only ate 2 slices of pizza when normally you can eat 4 slices of pizza, so obviously you need to order a larger pizza in future...
If you are only using 300w out of a 500w psu, how is buying a 700w psu going to fix anything?
Utilization is Not how much of the cpu/gpu is USED, but how much resources it USES, very big difference. A game like CSGO only uses 2 threads, but can use 100% of those threads, regardless of whether it's a 4 core cpu or a 10 core cpu. You will not get the game to use all the cpu threads. Cpus and gpus always run at 100% ability, but only use as many resources like threads and bandwidth etc as needed. Just like a psu will only supply as much power as required, whether that's 20w or 300w, regardless of whether its a 400w or 500w or 750w psu.
Tap a nail into drywall. You will use every single muscle in you hands to hold the hammer, every muscle in your wrist to aim the hammer, every single muscle in your arm to swing the hammer, but you will not use 100% of the strength of all those muscles to do so. 100% use of muscles, 10% utilization of the muscle available.