I'm this case the frequencies are similar and so wall clock time reflects the IPC difference (also, the two CPUs take the same code path, so the I is the same in this case, which isn't always true).
They behave like GPUs more and more with regards to clocks.
I think it's the other way around? CPUs had "boost" before GPUs.
In this case, there's probably only memory IO which (afaik) cannot put a process to sleep.