No, it does not mean that.
The so-called “over current protection” is the system will throttle your cpu/gpu/emc and leads to performance drop. Even in max-N mode, this mechanism is still there. But if the system keeps doing throttling, your overall usecase performance may drop or got affected.
Using proper power mode is just limit the cpu/gpu/emc to a proper range and it may not hit overcurrent. We put a upper bound there.