Yea it is, there's a big difference where as before on Ryzen 3000 PBO did nothing at all (atleast on my early 3600 that could only hit 4.2 on two cores), on 5000 it uncaps the PPT usage significantly allowing for higher clocks thermals permitting, for example my 5600x will use 116w PPT compared to stock setup which is capped at 77w I think. You got the cooling so if you can stay under 85c it be fine, just run r20/R23 and watch clocks on ryzen master and see the difference between PBO and default yourself. You looking at sustained 4.6-4.65 compared to 4.2 on multi core.
Test using Ryzen master to see what happens but those settings won't apply on boot and need to applied every time, they need to enabled under AMD overclocking Menu in bios > Precision Boost, Auto means off by the way somewhat confusingly so set to Advanced (instead of enabled) as this will give options to use PBO2, then set limits to Motherboard and while you are at it you may as well select Curve optimizer>Per Core and set a very modest Negative 10, this will reduce temps and voltage a bit.
Edit: I have same board as you so i'm interested in your PPT usage if you do this, can you let me know. My mates new 5600x gets same results as me at only 108w, so I'm wondering if its the board or cpu that dictates power used. He has a cheap b450 board and new batch 5600x, mine is first batch.