I get the same bad result without starting the HWiNFO at all
This problem is not a HWiNFO issue. HWiNFO is more like a victim.
Windows Defender is taking full control of 7 out of 7 monitoring timers leaving nothing left over for any other monitoring programs. This is why HWiNFO reports a reduced Effective Clock speed. Windows Defender is constantly reprogramming and trying to wrestle control of one of the monitoring timers that HWiNFO is trying to use to report Effective Clock.
What steps you did to reproduce this behavior?
I used RW Everything to monitor the status of each of the 7 timers. When Windows Defender Real-time Protection is disabled, none of the 7 timers are used. As soon as Real-time protection is enabled, Windows Defender takes control of all 7 timers. If RW Everything tries to use one of these timers, suddenly all of the timers are reset and Windows Defender decides that it no longer needs to use any of them anymore. Usually every 10 minutes, Windows Defender will try to take over the timers again. If this is allowed to happen, Cinebench performance will drop. Stop Windows Defender from using these timers and performance increases. This pattern is all very repeatable.
If ThrottleStop decides that it wants to use one of these timers then Windows Defender decides that it really does not need to use any of them after all. ThrottleStop 9.3 used to use one of these timers so that is why this version was always able to fix this problem. After TS 9.3, I stopped using one of these timers. This gave Windows Defender the opportunity to become a bully. It decided that it needs all 7 timers when no user software should be that greedy with shared system resources.