Yes this is a problem that has been long ignored by ASUS.
This was also a problem in the variant FX504GE but after some Bios updates it was fixed.
Sadly for FX504GM users this problem is not fixed , I bought this variant in 2019 and has been hoping that they would release a bios update that will fix this but it seems like ASUS has totally given up on us.
My friend has the GE model and his BIOS is at version 323 while mine is still at 313 and last any update was provided to me for GM model was 2 years ago.
So its safe to say ASUS has screwed us.
What you can do to reduce this problem is undervolt your cpu in the range of -110mV to -150mV , during this you will get some BSOD crashes which is completely fine but you have to find that sweet spot after which the power limit throttling reduces to some extent but it always comes back after 30-40 min of playing any game.
I'll be graduating this year and will switch to a new laptop and one thing's for sure , it will not be ASUS.
The software updates are complete Dog**bleep** and there was also a common problem of the stuttering of the GPU fan which happened to a bulk of users both ROG and TUF(including me) , you can find videos on youtube about this.
For anyone reading this if you need a budget gaming laptop , buy lenovo legion its what I got for my younger brother and there has been no issues till now with it.
One more thing I have tried replacing the thermal paste and pads (Noctua NT-H1) , cleaned the fans and bought external fans for better ventilation , its of no use the issue still persists.
And for the users with the same model as mine FX504GM , be ready to be surprised if you have not opened up your laptop because the stock paste that ASUS has used look like it was done by a 2 year old with blindfolds on(excessive and dirty). There were no thermal pads on the capacitors just excessive amount of stock paste so good luck with that.
Well Done ASUS.