It depends on the motherboard, Gigabyte might be pushing for some very high voltages since if they add some kind of MCE/Performance Upgrade option by default, they have to account even for the worst 7700K samples.
If you find the option and turn it off, you should be fine.
I've taken another look now and still can't find anything that matches MCE. I also updated the BIOS to the latest version as it said on Gigabyte's site this for the latest version: "Update CPU micro code to fix HT flaw issue". That did nothing.
Would Voltage Optimization or CPU Vcore Loadline Calibration have anything to do with it? Or CPU Vcore being set to auto instead of normal?
Anyway I think I've had enough for tonight. I have a PSU that is silent without the fan spinning, a graphics card that is silent without the fans spinning, but a stupid CPU and Noctua cooler sounding let a jet engine starting and stopping every few seconds. It's driving me crazy.
If this is indeed just a BIOS setting what the heck were Gigabyte thinking? It makes absolutely no sense for a CPU to have core temps jumping 30c every few seconds like this, especially when at idle within Windows