How does one know when the chip is being throttled? Is fan spinning up an indicator?You are working from a fundamental misunderstanding. All form factors that Apple sells, excepting possibly the Mac Pro M2 Ultra, will cause higher-end chips (Maxes, and some Pros) to "throttle" (terrible word, as I've written before, but it's what we've got). In fact, as a reductio ad absurdum, even baseline M chips are throttled by their cases' design, since none of those cases have liquid cooling, and even base M chips will run faster if so cooled.
Obviously, liquid-cooling an M4 (or M1) is silly. The real-world performance benefit is minuscule in all reasonable scenarios.
So the interesting question isn't "does the M4 Pro mini throttle?". Of course it does, just like all the others. The interesting question is "how much more or less would it throttle in the M1 mini's case?", and by extension, "should Apple have continued to use that case (or some other larger one)?". The answer to that question is not known, and none of the discussion here has thrown any light on that question.
That question is totally separate from "Does the M4 Pro mini get too loud when running at maximum?" (apparently, yes for some loads and some people). It also says nothing about "Will the M4 Pro still have good performance if you force the fans to run quietly?" (about which we have no data as yet).
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