Notebookcheck doesn't have a perf graph of sustained CPU+GPU workload, but here's their thermal analysis:

> We can see a maximum package power of 35W for the M2 SoC during combined CPU/GPU load. However, this value can only be maintained for a couple of seconds before there is a drop to around 25W while the fans speed is slowly increasing. The package power will stabilize at 28-30W once the fan has reached its maximum speed, but the chip temperature is still very high at 98 °C. This means the cooling solution cannot utilize the full potential of the M2 chip, despite the fan.

This suggests OP is correct.