I thought the boot config was just an override.
The things I've been searching in the last few minutes suggest that the Pi can negotiate 5A but only if the power supply explicitly offers it as a PDO, which almost nothing does.
But even if that's right, it's almost as bad as not doing PD at all.
Edit: The documentation states "If the Raspberry Pi 5 firmware detects a supported 5A-capable supply, it increases the USB current limit for peripherals to 1.6A, providing 5W of extra power for downstream USB devices, and 5W of extra onboard power budget."
It also confirms no PPS, but it's not entirely dumb.