The cable I'm using came with the 100W Wall Charger and mentioned 100W capability on the box. Either way using the plug that shows power draw it is in fact power limited. I found a program called Ryzen Controller which seems to be an equivalent of Ryzen Master but for laptops. I can manually change the TDP and it works, however it goes back down again almost immediately so I would say this is a BIOS limitation.
This Ryzen Controller software has a setting to reapply the TDP settings at specified intervals, and I can reapply them every second. This seems to keep the CPU at a higher TDP and the power meter I have shows that it's drawing between 80-90W in total for the entire laptop so I can run this program during encoding and it works fine.
There is a consideration though that if it spikes to 100W the laptop immediately switches to a lower performance mode, where according to HWINFO64 the infinity fabric and the memory clock go down to 400Mhz. They can only be changed again by manually switching power profiles.
I'm going to turn the IGP back on (I've turned off Hybrid mode to always run on the 3060) and see if I can reduce the power consumption enough to where this isn't an issue.