Hi, I maybe late to this but I'm also using Creator Z16 and I'm running fine. This are my settings:
Profile 1 is pretty much unlimited in FIVR, basically maximizing performance and I use this with DAW which requires minimum latency, also in Davinci Resolve or something like them where GPU isn't prioritized and the laptop is capable of cooling;
Profile 2 is for gaming where CPU power isn't needed 100%, I limit it in FIVR to maximum about 35-40w and it's pretty enough for games I play. This will leave more headroom to GPU and stress less CPU.
Profile 3 is for battery where all things I do are web browsing and office work, so no need to be super fast and maximum of 22w is more than enough. Although 185 speed shift is a bit much, but it worked fine.
Profile 4 is for emergency battery saver where everything is tuned down and it only activate at 5% battery.
All profiles set ICCmax to 255.75 except 4, with 50mv undervolt. Speedshift is 0 on profile 1, 82 on 2 and 185 on 3. TPL is PL1 66w and PL2 90w, turbo time is 8sec which I find at least my model can do this without problem. Also PROCHOT to 100 degree but you can be conservative at 98 or 99. I use FIVR to manually limit max power to prevent unnecessary heat and power draw.
I uninstalled every MSI app like Nahimic and Center Pro. Also flashed ROG M16's Vbios so the GPU is 80w at base. For some reason (Dynamic Boost I guess) it won't go upto 95w as the Vbios, but it could get 85W. When stressing both CPU and GPU, I get stable 45w+80w load.
This is without a thermal paste repaste. I can guarantee that you will find even better result with something like Honeywell 7950. I did this to my Prestige 15 which has 10710u and I get at least 5 degrees temp drop. MSI uses pretty bad thermal paste. Change paste in Creator Z16 could be a bit more hassle because the motherboard is reversed but doable with your own.
The problem I get is I can't get C0 lower than 1% at idle, the CPU always consume about 1-1.5w of power. This is probably I have some programs that are needed in the background. DisplayCal and my audio interface's control panel.