It won't be amazing although you might think so. It's a phenomenon called clock stretching, where you think the CPU's holding a high clock speed with a serious undervolt and much lower temperature. In reality, it's stretching out the clock pulses in an effort to maintain stability with too low of a voltage. Performance definitely suffers and you'll see it in all- core benchmarks like Cinebench when compared against a baseline run.
You're generally better off just enabling PBO and pushing the power (PPT) and current (TDC, EDC) envelopes a little bit, then enabling some additional boost. But be judicious with the boost as it will heat up the cores and pull back on boosting instead of helping. You also need much better than stock cooling for this to work for you.
A very slight undervolt can help with this, but I do mean very slight. Just one or two straps lower is all it takes.
And definitely leave Global C states and CPPC enabled (the generally are by default). They help the cores cool off between boosting so it's ready to hit maximum clocks for the next boost. Cool-n-Quiet is deprecated in updated BIOS's, replaced in total by Global C States.