Ubuntu 20.04. overclocks intel i7-9700k automatically?

when busy

cpu1: MSR_TURBO_RATIO_LIMIT: 0x23242526
35 * 100.0 = 3500.0 MHz max turbo 4 active cores
36 * 100.0 = 3600.0 MHz max turbo 3 active cores
37 * 100.0 = 3700.0 MHz max turbo 2 active cores
38 * 100.0 = 3800.0 MHz max turbo 1 active cores

Typically is is highly unusual to see this (i5-9600K, but this is not the default for the processor, I did it in BIOS):

cpu3: MSR_TURBO_RATIO_LIMIT: 0x2b2b2e2e2e2e2e2e
43 * 100.0 = 4300.0 MHz max turbo 8 active cores  <<< I don't have 8 cores
43 * 100.0 = 4300.0 MHz max turbo 7 active cores  <<< I don't have 7 cores
46 * 100.0 = 4600.0 MHz max turbo 6 active cores
46 * 100.0 = 4600.0 MHz max turbo 5 active cores
46 * 100.0 = 4600.0 MHz max turbo 4 active cores
46 * 100.0 = 4600.0 MHz max turbo 3 active cores
46 * 100.0 = 4600.0 MHz max turbo 2 active cores
46 * 100.0 = 4600.0 MHz max turbo 1 active cores

Other reasons include your power bias settings, I/O waits, power or thermal throttling (you mentioned thermal is not the issue, but just saying). If you want the most you can get use performance governor instead of the powersave governor. While many recommend higher level tools, I use primitives:

doug@s18:~/c$ cat /sys/devices/system/cpu/cpu*/cpufreq/scaling_governor
powersave
powersave
powersave
powersave
powersave
powersave
doug@s18:~/c$ echo performance | sudo tee /sys/devices/system/cpu/cpu*/cpufreq/scaling_governor
performance
doug@s18:~/c$ cat /sys/devices/system/cpu/cpu*/cpufreq/scaling_governor
performance
performance
performance
performance
performance
performance

when idle

When one samples the CPUs at such a high rate, 10 times per second, often the command itself has an effect on the system resulting in a bias in what is observed. Keep in mind that idle CPUs can go into very deep idle states for several seconds at a time, and wakeing them at a high rate just to sample the frequency is not a good idea, yet extremely common among users. If you want to know what is going on with your system, then I would suggest tubostat for two reasons: It is a really good tool; It is also the preferred tool for upstream escalations. But please sample slowly. Example (mostly, I find summary information good enough, but you can drill down into a lot of information. I left the HWP related lines from the initial spew of information):

$ sudo turbostat --Summary --show Busy%,Bzy_MHz,PkgTmp,PkgWatt,GFXWatt,IRQ --interval 6
...
CPUID(6): APERF, TURBO, DTS, PTM, HWP, HWPnotify, HWPwindow, HWPepp, No-HWPpkg, EPB
...
cpu0: MSR_PM_ENABLE: 0x00000001 (HWP)
cpu0: MSR_HWP_CAPABILITIES: 0x0109252e (high 46 guar 37 eff 9 low 1)
cpu0: MSR_HWP_REQUEST: 0x8000ff01 (min 1 max 255 des 0 epp 0x80 window 0x0 pkg 0x0)
cpu0: MSR_HWP_INTERRUPT: 0x00000001 (EN_Guaranteed_Perf_Change, Dis_Excursion_Min)
...
Busy%   Bzy_MHz IRQ     PkgTmp  PkgWatt GFXWatt
0.03    956     262     31      1.82    0.00
0.03    800     122     31      1.85    0.00  <<< Notice the busy % and low CPU freq.
0.03    800     131     32      1.86    0.00
0.03    800     166     31      1.86    0.00
0.03    800     140     31      1.86    0.00
0.03    800     128     31      1.83    0.00
0.03    800     128     31      1.78    0.00
0.02    800     99      31      1.75    0.00
0.03    800     139     31      1.78    0.00
0.02    800     108     31      1.58    0.00
0.03    800     144     31      1.66    0.00
0.03    800     121     31      1.72    0.00

Now, just because in your case you are seeing much higher CPU frequencies, it doesn't mean your power consumption is much, if any, higher. If the frequency is higher the CPU also finishes its work faster, and it goes back to sleep sooner and for longer. Example:

Busy%   Bzy_MHz IRQ     PkgTmp  PkgWatt GFXWatt
0.02    800     100     31      1.90    0.00  <<< notice slightly different baseline than above (different kernel today)
0.02    800     93      31      1.90    0.00
0.03    800     130     31      1.90    0.00
0.05    800     208     31      1.90    0.00
0.04    800     169     31      1.90    0.00
0.05    1069    199     31      1.91    0.00
0.06    1904    285     31      1.94    0.00
0.00    4548    98      31      1.93    0.00
0.00    4600    89      32      1.93    0.00
0.01    4545    129     32      1.93    0.00 <<< Cost was about 0.03 watts.
0.00    4601    109     31      1.93    0.00
0.01    4559    140     31      1.94    0.00

I read your question that you are surprised to see such high frequency values. The selection of core speeds is not simple. You can get more details by typing the command cpufreq-info. It should show you under current policy that your governor can select between 800 MHz and 4.90 GHz or similar. (My CPU is a i9-9900K and shows between 800 MHz and 5.00 GHz.)

If you really want to limit the frequency further, you can use cpufreq-set.