I don't know how well just adjusting the microcode on the CPU to limit the voltage will fix the problem. It likely will also take significant collaboration with motherboard manufacturers to limit the voltage to say 1.5v or 1.4v. Collaboration could include changing bios options for every motherboard or giving guidance for every motherboard.
From:
https://skatterbencher.com/2021/11/04/alder-lake-overclocking-whats-new/
"
Intel Alder Lake Voltage
While Alder Lake clocking resembles Tiger Lake more than Rocket Lake, in the voltage department things are not quite that similar.
Compared to Tiger Lake, Alder Lake transitions away from using FIVR for the Cores, Ring, and integrated graphics. Instead, power gates are used. However, unlike Rocket Lake some parts of the Alder Lake CPU are powered using a FIVR."
So that leaves the motherboard largely in control of what it delivers in response to the CPU's requests. LLC settings, motherboard "enhancements" with some as default, and on Asus: SVID adjustments can all change the peak voltages by over 100mv without adjusting core clocks or voltages. If anyone has messed with any of these their system may become unstable with a new microcode changing what volts are requested.
For example the low default LLC settings used as a cheap undervolt by most motherboard manufacturers (Buildzoid's explanation) are partly responsible for low thread voltage spikes as volts across the board have to be raised to ensure stability under heavily drooped all core loads, but the volts don't droop under high volt, high clock single core loads. If you lower the 1.5v spikes per the motherboard default settings by lowering everything then the all core loads may become unstable due to vdroop.
Different VRM configurations inherently have different levels of droop which even makes different models from the same vendor different. Motherboard manufacturers also have different features, different dials and different tunings. In motherboard comparisons one usually just sees performance comparisons, sometimes power consumption comparisons, but I've yet to see a CPU maximum voltage spike or voltage behavior comparison. There is likely significant variances.
Seeing as how settings like this vary per motherboard it is a complicated task. Will the microcode update come with a disclaimer to re evaluate any changes from stock anyone may have done?
That is what is likely taking the extra time.
I personally do not have stability issues, have a preference for lower volts most of the time, and value the freedom to control my hardware as I see fit. I used to make my own custom bios settings for my Nvidia GPUs and the risk was worth the reward to me. Right now my bios freedoms for my 13900kf so far exceed what Maxwell or Kepler Bios Tweaker could achieve it isn't even funny. Clearly this isn't working for some people and motherboard manufacturers aren't helping matters, but I like not having some governor capping voltage or power at some red line of chip safety or longevity.
For others, many motherboard bioses have an upper volt cap that you can set while you are waiting for this microcode update. 1.4v should be safe for occasional low core uses and 1.3v should be safe for continuous all core, if you can cool that much (probably could be higher, but I'm being conservative here). You might have to undervolt, lower you vdroop with LLC, and possibly cap single core to 6 for stability with these.