I have sapphire rx 480 4gb nitro+ model. yeah it has high voltage levels at default settings. I have tested 3d mark fire strike at default settings and i saw little bit of thermal throttling but in games at default settings there was not any throttling at all. So i reduced the voltage -90mV using sapphire Trixx and increased the power limit to 50%(max).After that i ran the fire strike again and there is no thermal throttling now
.I got 13289 graphic score on my 4gb version at default settings after the voltage reduce.temps around 65C and fan at 60% locked.voltages 1.065V to 1.08V and power consumption 110W.
I overclocked it at 1400mhz gpu clock stable and didn't overclocked the memory though. -25mV and 50% power increase.(using sapphire trixx).it stays at 71C while running fire strike benchmark fan speed at 65% locked.I can get like 1420mhz at default voltage (1175mV) increased power limit to 50%.
But keep in mind all cards are different.