I had a look at the RealTemp code to try to figure out what's going on.
Clock modulation can be set to different values for each thread of each core of the CPU. The first time you start RealTemp, it disables clock modulation throttling across all threads and this choice gets saved to the INI file for future use.
After that, each time you start RealTemp, it restores the previously saved clock modulation values. If you don't use clock modulation throttling, RealTemp will ensure that this is turned off. If you do decide to set a clock modulation value of say 75% in the Settings window, RealTemp will restore this value to all threads.
The original problem was that the Dell XPS 1645 was setting clock modulation throttling for all of the threads except for the first thread. It might have been just a coincidence but to me it appeared to be done deliberately to avoid being detected. Most monitoring software at the time was assuming that all threads were being set equally so software was only checking the first thread. Based on this, I decided to equalize clock modulation for all threads and to turn them either all on or all off when RealTemp starts or exits just so the CPU is in a consistent state. Intel recommends that clock modulation be set equally across the entire CPU so I decided to follow that advice.
I wrote this code almost 3 years ago which is why I forgot about what RealTemp really does when it comes to clock modulation. Sorry about that.
These clock modulation adjustments happen when you start RealTemp as well as when you exit RealTemp so that explains why they are showing up in the event viewer. It's not being done to throttle or slow your computer down. It's only being done to make sure that your CPU is running at its full rated speed on each thread as Intel intended.
It does not throttle when I run IBT without Realtemp running, and does when I have realtemp running.
Can you check this again. If any one of your threads is using clock modulation throttling, RealTemp will report that in the Thermal Status area as shown in the picture above. RealTemp monitors each thread to make sure that it will be able to detect any problems if a manufacturer decides to secretly throttle only part of the CPU.
When you are running IBT, does RealTemp display Clock Modulation XX.X%
If not, your CPU is running as intended and is not being slowed down with clock modulation throttling.