So hats off to visualinventor in the Apple forums. He was able to reproduce this faithfully by running Geekbench 5. He found that its actually the Intel GPU causing this by running the metal tests against the Metal api.
I decided to try this and sure enough, it GPU panics on the Intel GPU with metal right at the start with the Sobel tests. It does NOT panic with the OpenCL or either test against the AMD.
So its the Intel after all.
You can read up on what he did and his findings here as well as how to test this yourself:
The errors appear to be in the kernel with a signalHardwareError that point towards IOAccelFenceMachine::fence_timeout(IOTimerEventSource *): IntelAccelerator prodding blockFenceInterrupt.
The signalHardwareError is a strong indicator that this is indeed a hardware problem.
Also, now it makes sense why this does not occur in Safe mode because none of the metal drivers are loaded.
For those having freezing issues etc, I advise you to try this and see if you get similar results (a super low Geekbench score or a GPU panic), of which its time to get your MBP fixed at Apple.