AMD Ryzen 9 5950X: 20.6W for a single core at 5050MHz, 49W for the whole package. (And it’s generally the package figure that you care about.)
AMD Ryzen 9 5900X: 17.9W/54W at 4875MHz.
AMD Ryzen 7 5800X: 17.3W/37W at 4825MHz.
AMD Ryzen 5 5600X: 11.8W/28W at 4650MHz (though the highest core reading is 13W, at three cores loaded).
You’re both correct: by simply restricting that power envelope by 40%, you shed a lot less multi-threaded performance than people realise, and no single-threaded performance.
Look at the 5950X figures, and you observe that at about 120W, it can run 6 cores at 4,650MHz (27,900 core–MHz), or 16 cores at 3,775MHz (60,400 core–MHz).
Expressed one way: by dropping the frequency by 20%, power per watt increased by around 2.7×.
Expressed another way: let’s skip a 65W envelope—put this particular 105W chip in a 40W envelope and you lose only 20% of your six-cores performance. Seriously. But I’m not sure what the curve would look like if you load all 16 cores at a 40W envelope, what speed they’d be going at.
(But do remember that “TDP” is a bit of a mess as a concept, and that we’re depending on non-core power consumption being generally fairly consistent regardless of load.)
And the relationship between power and performance isn't linear as processor voltages climb trying to squeeze out the last bit of performance.
So if you want to take a 105W CPU and ask it to operate in a 65W envelope, you're not giving up even 1/3rd of peak performance, and much less than that of typical performance.