You also have to turn off anything that depends on virtualization.
https://beebom.com/how-disable-virtualization-based-security-vbs-windows-11/
After you do this, exit ThrottleStop, delete the ThrottleStop.INI configuration file, reboot and post an updated FIVR screenshot.
Run msinfo. It will tell you if virtualization based security is enabled or not. If this is still enabled, post a screenshot of the Windows Features window.
The log file you posted shows constant bouts of BD PROCHOT throttling. This appears to be the main problem. When this happens, the CPU speed instantly drops from 4600 MHz down to 800 MHz, usually for less than a second. When playing a game when this happens the FPS will also drop like a rock but should quickly recover. If you want to try to fix this you need to clear the BD PROCHOT box on the main screen of ThrottleStop.
Properly functioning and properly designed computers do not constantly use bursts of BD PROCHOT throttling like your computer is doing. This is happening when the CPU temperature is only at 50°C to 60°C so it does not appear to be temperature related. No one in a forum can guarantee you that your computer will be safe if you decide to disable BD PROCHOT. If you decide to disable BD PROCHOT and play a game, you have to be willing to assume the risk of any damage to your computer. Your computer will probably be just fine. It might even run better than it ever has. I have no idea why your motherboard is using this throttling method, especially at such low temperatures. It could be a cheap sensor on the motherboard that has failed or it could just be bad design.
When you posted your screenshot, were you in the middle of a game or were you doing something else? When idle at the desktop with only ThrottleStop open, the average C0% is usually at 1.0% or less. If it is way higher than this, check the Task Manager Details tab to see what is running in the background. Too much crap running in the background, using up CPU cycles, will interfere with smooth game play.
For comparison, here is how my computer looks when idle. The C0% data is very low for all cores and threads.
The PL2 power limit is already set to 224W. Setting both power limits to 150W like I recommended should actually be less dangerous. Peak power consumption will be less, not more. For the game you are playing, my power limit recommendation should not make any significant difference. The main problem is BD PROCHOT throttling, not power limit throttling.