Yes, you need to run the fans at a constant speed in order to really see the difference between different thermal compounds.
When we introduced Liquid Metal TIM in 2020 on Intel Core i7-10875H, we saw a temperature difference of about 9°C when running the CPU with unlocked power limits in all-core benchmarks and 100% fan speed.
The smaller the die and the higher the power envelope of a CPU, the bigger the advantage of LM TIM will be.
Even with 11th Gen on 10nm, Intel's CPUs are able to draw more power than AMD. In our current benchmarks of XMG NEO with unlocked power limits, our i7-11800H can run a sustained (steady state) CPU Package Power of 100W. With some Undervolting, you can get this down to 90W at 80°C thanks to Liquid Metal and the all-core clock of 4.2GHz will be more stable.
Cheers,
Tom