I also recently updated from a 12700k to a 14900k on a aorus z690 board. I only noticed it when going into XTU that power limits were too high even in stock bios settings. Using 330w at stock clocks of 5.7ghz all core in cinebench. I found that along with disabling MCE, I also needed to set the turbo power limits to Intel POR. This now correctly does power limiting to 253w but I still get 5.7ghz all core.
I think the default auto settings on the z series boards seem to ignore the limits in favor of having stability/compatibility with all performance levels of cpu.
Been using an aorus z690 pro with my 14900k. Been really stable even using the instant 6ghz feature. Reasonable price as well for the features vs performance. However if you plan on any sort of overclocking I would rather recommend msi. From all the guides/videos I’ve gone through, theres barely any help with aorus/gigabyte. Aorus Default settings also have unlimited power/voltage and has been difficult for me to undervolt stably. Where it seems like msi just has a lite load mode with like 20 profiles for varying degrees of performance which I personally would prefer instead of manually fiddling with voltages for hours on end and still getting some random crash while opening a web browser