Lenovo on Turbo Boost always were bad, and to be worse, on purpose. I got the same CPU and, the Turbo works, but for a really, really little time. If you game, don't know what exactly is the trigger of it, but it stays on 1.6 GHz almost all the time. Or it oscillates a lot to 1.6 to 3.4. It's not exactly a throttling, but still disappointing. Even if you stay the CPU cool enough, I guess it won't fix.
Because that's I will say right now. I used ThrottleStop (spoiler alert, it didn't fixed it), and weirdly, using some settings (I didn't made undervoltage because I suck on that), it ALMOST were perfect...! It mostly work at 2.4 to 3.4, but if oscillates WAY more (like 800 MHz) in most high-stress scenarios. (If you game, the stutters of the drop is terribly noticable.) Using HWMonitor, I discovered that is the TDP that made this terrible oscillation. At least what I saw, when the CPU hits something to 25 to 30+ W, it triggers and decreases the whole thing. Yikes. Got the same similar with Extreme Utility. Btw, that's what is happening to you! And that's even increasing everything of Turbo Boost stuff idk.
But I don't recommend using my temporary ThrottleStop tip/solution if you're stressing the CPU all the time or gaming. Just playing Overwatch, it runs with a ton of stuttering, more than without TB, of so much lack of CPU power.
Someone really needs to do a custom BIOS to those laptops, specially to this i5, because 1.6 GHz makes have problems even running YouTube and some random browsing. It is hard for me convey just how bad this thing is.
Lenovo laptops is a joke, hands down. Just got my ideapad 330 because it's the freaking only budget laptop with a MX150 in Brazil, really. Idk if still survive with him (it's a great laptop and does everything if you exclude this problem!) or move out with another better laptop. IF OUR MARKET HAD ONE. (our market is terrible, just terrible...)