This problem started with BIOS 1620/1720 (1720 is for higher end mobos but it's the same) and it's still there. BIOS version previous to 1620/1720 is the latest where voltage control was working properly.
I attach a BIOS screenshot, taken after saving shown settings & rebooting: you can see that Current Offset is 0.000V for all points, even though I applied a 0.05 V negative offset to all points. I tested this within windows 11 with R23 and the voltage offset is NOT applied.