After hours of searching I found that changing your thermal profile in AWCC from high performance to cool fixes everything. After that simple change I finally have stable 60 fps in elden ring, it also boosted performance with other games. I don't know why exactly it worked as according to HWMonitor it wasn't thermal throttling but it still helped resolve the issue. 
I'm getting terrible performance out of my dell g15 5510 with really bad fps in multiple games(Elden ring, Lost Ark) with my GPU and CPU sitting at around 40-50% usage and my fps sitting at 30-40 even on lowest settings with frequent drops into 20s. I tried doing clean system reinstall, GPU drivers reinstall and made sure every driver is up to date, even changed the thermal paste and made sure its not overheating but my performance is still really bad in games. 3Dmark result come out as slightly below average for system with similar hardware. 
Low GPU and CPU utilization and bad fps on Dell G15 5510 RTX 3060 and Intel 
10870H