I have a 8 GB LPDDR5 with a supposed speed of 4800MHz . Upon further inspection it is currently running at 2394 Mhz, and dips down to 1197 Mhz frequently.
According to WHAT? What are you using to monitor that speed? CPU-Z? HWinfo? Something else?
The bottom line is, it is probably correct because many monitoring programs will only report the actual, not the doubled data rate, which is why it is called DDR memory. 2394 doubled is 4788 which means it's actually running at 4800mhz which is where it should be.
I would download HWinfo, install it, run it and choose the "Sensors only" option. Scroll down to the memory section and take a screenshot then upload it to Imgur and link to it here.
Then install CPU-Z and take screenshots of the SPD and Memory tabs. On the SPD tab you will need to select one or each one, one at a time, of the memory slots that are populated in order to see the details of that DIMM in the fields to the right of the drop down menu.
Post those images here as well, but honestly I think you are fine and it is running at the correct speed. Not sure why it's dipping down in speed because it should not but I suspect that is a result of the software you are using and not actual behavior. That or you are seeing your utility misreport the wrong sensor, and are actually looking at the Northbridge frequency or another related frequency.