Yes, exactly. Modern chips thermal throttle by default, their turbo clocks/voltages aren't sustainable with most cooling solutions, so, reducing the voltage the chip runs at lowers the power consumed and allows the chip to maintain a higher clock for longer durations.
There is, of course, a risk that the lower voltage won't be stable, but, as long as you stress test your system as you would while overclocking, you'll be able to find a lower voltage that is workable.
The 7000 series ryzen chips have this built into most motherboard bioses by the name 'pbo offset' (or similar) which modifies the stock voltage curve lower, and can set new temperature targets if desired. I'm running my 7950x at PBO level 3 with an 85c target, works well with no more fuss than a couple reboots really.
