German tech writer Igor Wallossek reports AMD's Rage Mode basically pushes a 300W TDP reference card to 320W levels. Rage Mode tweaks performance using a combination of power limit, target temperature, and fan control with acoustic limit and target RPM settings.
It seems as if the board partners have a free hand when determining the fan parameters, since they know their coolers and their performance (including possible reserves) best, but the power limit of +6% as a premium was probably given as a guideline or can be found in other BIOSes purely by chance. But in the end, these modes do nothing else that you could not have done since the release of MorePowerTool MPT.This information was discovered via analysis of a new BIOS from an AMD board partner. Interestingly, Igor notes that the Radeon RX 6800 series also has a Turbo Mode, which is even more aggressive than Rage Mode. While the Balanced, Quiet and Rage Mode settings have a temperature target of up to 80°C, the Turbo Mode uses a much more aggressive 95° limit.