I think you mean undervolt, not underclock. The whole point of that is to lower power consumption, while NOT lowering performance. And actually, you can get higher performance. I have first-hand experience with this, and it's also confirmed by many reviewers.
And I don't think you have your facts straight about Vega being a power hungry chipset. Vega is significantly more power efficient than Polaris, which was already very power efficient. What caused the thermal outcry at the Vega launch was that the cards were effectively overvolted and slightly overclocked. And as I'm sure you know, it's an exponential curve. Get a little bit out of the sweet spot and you'll have a massive impact on power draw. That's just how the physics work, it's not a Vega specific thing.
Of course, different chipsets can have different exponential curves. Vega is manufactured on the GF 14nm node, which seems to be quite good for lower clocks, but doesn't scale all that well to higher clocks. That's a big reason behind Vega being what it is. You can contrast this with Nvidia's Pascal chips, which seem to be very overclock friendly. In contrast, the Vega chips can overclock their memory quite favorably, and this has a pretty significant performance impact.
So it really depends on how Apple are configuring the Vega chips. They can get something really power efficient, or they can get something that is a thermal disaster. We won't know until reviewers have done their thing.