I agree that with the same settings the frame cap and equivalent power limit will use the same power.Because setting a frame rate limit that is under the GPUs maximum usage will use almost the exact same power regardless of your power limit or undervolt.
For example
CP2077 Full Ultra RT at 1440p with FSR4 Performance =107 FPS. Stock 9070 XT 304w
Set FPS limit to 60FPS in game and it uses ~115w
Set -30% Power limit and 60FPs in game and it uses ~115w
Set my max stable OC that gives ~10% extra performance bit still limit to 60 FPS. And it uses ~115w
It already set well above the minimum FPS, so power usage is identical. It’s just thermodynamics. Don’t get me wrong there will be cases a max OC is beneficial to keep minimum FPS higher in highly demanding games. But when you are fighting to get 55 FPS and 10% balls to the wall overclock gets you 60 FPS, it kinda becomes moot if you have a VRR monitor.
So what's the advantage of setting a power limit over a frame limit?