Undervolting is not dead, and there definitely is something we can do about it. I own my machine; Intel and Dell do not.
Those of you who run Windows 10, beware if you have not yet received the firmware update that disables undervolting. Some OEMs, like Dell, have had MS push out the firmware update to be installed automatically (as Windows 10 is prone to do). Disable firmware capsule updates in the UEFI (it may be called something else for non-Dells) before this "fix" infects your laptop.
My Dell G3 has an option in the UEFI to enable "BIOS" downgrades, and there was nothing on the Dell site about the 1.12 update being irreversible, so I went ahead and installed it manually. My temperatures increased, and I realized eventually that my undervolting had been un-applied. After doing some reading to figure out why, I tried to revert the firmware to 1.11, but I was told (at the very end of the flash attempt) that it was an "unsupported downgrade," and it did not work.
Dell, if you have a checkbox to allow downgrades, it should have the effect of allowing downgrades. If that box is checked, and it was, I don't want to hear about any downgrade being unsupported. I didn't ask you to support it... I told you to do it.
There are ways to defeat this, with some Dells at least. I'm using the same Dell laptop I mentioned above, on the 1.11 firmware, and nicely undervolted to write this. Although my G3 is not the same model or series, I used vgtrong's guide at Reddit and on Youtube, and it worked. Note that the error messages about the management update failing, and the other error messages after that, do not mean it failed. The video shows the same failures, but it did roll back to 1.11 regardless. Remember to then enter the UEFI settings and revert to factory defaults, then rebuild all of your personal settings. Underclocking should hopefully work at that point.
Some people with other models of Dell have reported downgrading without any "unsupported" nonsense.
I am all for security fixes, all else being equal (that was why I installed the 1.12 update manually), but in this case, all else is far from equal. "Plundervolt" poses no threat to me, as I do not use SGX or even have it enabled, so a fix that addresses a nonexistent problem at the cost of eliminating a valuable feature is not a worthwhile tradeoff.
I'll have to continue to monitor any microcode updates to see if they have the effect of disabling undervolting by themselves. I'll roll it back if it ever comes to be.