I’ve noticed similar effects already on my own system, though I’ve been running in various parts of the world with the NVidia Performance Monitor overlay. The Nvidia tool doesn’t note min/max values like Open Hardware Monitor, but just glancing at it shows the GPU clock speed throttling up and down along with temp as load varies, but the GPU is always running at or very close to 100%.
FPS may go up and down moment to moment as scenery complexity changes (I don’t limit framerate since I have an adaptive-sync monitor), but the GPU clock speeds are changing near-instantly to manage the load, with no performance or responsiveness downside.