There are multiple reports from users with Surface Laptop 5 experiencing identical 0.3 GHz behaviour.
When an Intel CPU drops to 200–300 MHz with normal temperatures, the cause is almost always non-thermal throttling.
Try a different charger — preferably another official Microsoft Surface 65W/127W adapter
Control Panel → Power Options → Change plan settings → Advanced power settings → Processor power management → Minimum processor state: set to 20% (instead of 5%)→Maximum processor state: 100%
Open Device Manager → System Devices → Intel Dynamic Tuning
Update driver through Windows Update
Check BD PROCHOT / Power Limit using HWiNFO
Reset UEFI to defaults (Volume Up + Power → Reset)
If it still continues then it may be a battery or, motherboard issue.