I just upgraded to the latest 545.23.06 beta driver, and while it seems to be fully functional, it is remaining stubbornly in the P0 power state even though I fully enabled coolbits, verified that it was in adaptive mode. I also tried turning on/off D3 with no effect.
Power levels always worked fine on the previous driver releases.
For the record, this was due to nvidia-persistenced not running. I read another thread that mentioned that it needed to be running for power states to work and I checked, and it had stopped running. Is there a documented dependency? I couldn’t find it in the README at first glance.
nvidia-persistenced should only be needed on headless systems, i.e. if no display server (X/wayland) is running. Documented in the cuda docs.
So in your case this is only a workaround for buggy behaviour of the beta driver.