I absolutely do, and I'll explain why. Overclocking is running a CPU outside of specification, PBO is part of specification so it can be argued that it should not be considered. If we go along the route of "PBO is overclocking" it still leaves next to nothing.
4.4GHz - 4.85GHz stock to 4.6GHz to 5.05GHz with PBO is a 200MHz overclock, or around 4%. Hitting those numbers at all is not common on the 5800X, which is an incredibly hot CPU.
I see you're running a custom loop for your 4.6GHz, which is lower than the all-core load frequency you listed as stock above ^^ Even if you pump that up to 5GHz, you're talking about a custom loop for a 2-10% overclock, whereas I was comparing to 30%+ overclocks on air on older CPUs.
Nobody is contesting whether it's a capable CPU or not, the matter being discussed is OC headroom, of which there is very little. AM4 also covers Ryzen 1000, 2000(G), 3000(G) and 4000G, all of which pretty terrible overclockers with the odd exception here and there.
If you look at my post,
- Athlon Thunderbird, highest SKU was the 1.4GHz, architecture topped out around 1.7GHz on air cooling (21%). The AXIA 1000 could do 40% with air cooling, with some doing 50% or more.
- Athlon XP Thoroughbred, highest SKU was 2.2GHz, architecture topped out around 2.5GHz on air cooling (13%). The lower end 1700+ could come pretty damn close to maxing out the architecture on air (around 64% on air cooling for a good number of them)
- Athlon64 San Diego, highest SKU was 2.8 GHz, architecture topped out around 3GHz on air cooling (7%). Take the lower end 3700+ which could do the same +/- 3GHz, and you're talking 36% on air.
Compare that to what you're running, which is (even by your definition) slap bang what you should expect from stock ignoring PBO. To get the overclocking headroom I was talking about, you'd need to run that somewhere around the 6.5 to 7.5GHz range on air to match headroom of old platforms - hence overclocking is significantly worse on AM4 than prior platforms.
Even if we take OC headroom as every MHz above the base speed and ignore boost/PBO/etc, 3.8GHz to 4.6GHz is 21%, and you'd need to be running in the 4.75 to 6GHz range on air to match.
I'm not sure why you brought Intel into it, as Intel as never part of the debate. The debate was old AMD vs new AMD OC headroom.