Even though the motherboard ultimately decides what voltage to provide the CPU, isn't that just a master voltage, with the voltage of individual cores derived by the CPU internally stepping it down?
I'm having a little trouble finding much info on FIVR, but this quote directly supports the idea that each core can run at a different voltage:
"Note that while each of the CPU cores now has its own PLL (and its own V/F curve), for processors without FIVR and where the cores share a single VccIA or VccCore voltage rail, only one voltage is applied across all cores.
Alder Lake and Raptor Lake inherit the overclocking feature from Rocket Lake and offers ratio limits for each of the P-cores and each cluster of 4 E-cores."
Then, the question is whether FIVR is stepping down the voltage it
thinks it's getting or the voltage it
actually gets.