If you want to keep the peak draw low, for heat dissipation, then keep the processor throttled as you described.
If you want to conserve energy overall, then allow the processor to work as hard as it can so it completes the tasks sooner. The CPU is only a portion of the system power draw, and if the processor is throttled back it will take longer to accomplish the work given, thus keeping all the other parts of the system at full power for a longer period.
As an example, imagine a 4K transcode of a large file. For the sake of the example, let's assume that forcing the processor to a low TDP makes the transcode take twice as long. That means the RAM, drives, motherboard, etc are all kept at high power feeding the CPU the data it's working on for twice as long, instead of allowing everything to go back to a low power state much sooner.
Processor TDP is a parameter for specifying how much heat is allowed to be produced over time, typically a concern for laptops and sealed systems that can only dissipate a small amount of heat compared to a desktop with large fans and plenty of space. It is NOT primarily a measure of total energy efficiency. The amount of work a processor can accomplish with a given amount of power is largely determined by the layout and design of the CPU.