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That identifies the version, firmware usually isn’t associated with operation speed, but every update to MacOS is paired with a unique firmware. It provides the low-level control for a device's specific hardware.
Back when my 2018 Macbook Pro i9 first came out, Apple produced a firmware update that corrected the CPU throddling issue. Was that an operating system firmware or a hardware firmware? If they can do it to increase CPU or GPU output, they can do it also to reduce (in the name of energy saving and heating after the first year).

I say this because sometimes I am a little suspicious as my macs at an almost timed occurrence (when the the newer models come out), my once fast mac’s CPU starts to throttle instead of pushing all cores. Notice that when using FCP and some other apps that need power. Hope Apple doesn’t do this to make people buy or upgrade.
 
Back when my 2018 Macbook Pro i9 first came out, Apple produced a firmware update that corrected the CPU throddling issue. Was that an operating system firmware or a hardware firmware? If they can do it to increase CPU or GPU output, they can do it also to reduce (in the name of energy saving and heating after the first year).

I say this because sometimes I am a little suspicious as my macs at an almost timed occurrence (when the the newer models come out), my once fast mac’s CPU starts to throttle instead of pushing all cores. Notice that when using FCP and some other apps that need power. Hope Apple doesn’t do this to make people buy or upgrade.
As stated any MacOS update included a low level FW update applicable to basic hardware functionality including fans. With throttling topic you mostly talking about when an Intel processor needs to lower its clock speed due to CPU temp sensor senses 100C or slightly above when your pushing processing for extended times. Such software as the free Mac Fan Control will show the various temp sensors stats and you can control the fan speed to test for your laptops heat regulation when running speed tests. The heat sink design/placement and number of fans can greatly effect and prevent throttling for any given design. Compared to Intel paired with an external GPU, the recent AS platform uses a System on a Chip (SoC) that encompasses the GPU also. That reduces the number of heat sinks utilized. If Apple found there was some throttling occurring they would correct it usually via FW IMHO. The design of a MAC using less fans to save money can contribute to throttling. Example single fan 24” iMac vs double fan 24” iMac. (8/7 vs 8/8 Soc’s).
 
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