That's crazy. Maybe not the "no fan", but the ineffective thermal throttling. If it's going to thermal throttle to 100C, it should thermal throttle to 100C, not hit 114C first. I'd be very concerned about component heating -- I had a Chromebook where the CPU (a Nvidia Tegra K1, quad-core ARM with a roughly GTX650-speed GPU) would hit 90C (barely, it'd shave about 10% off peak performance, IF you ran it under full load with the lid shut...running Ubuntu off an SDCard I would remote into it and have it encoding videos since it was actually faster at it than my desktop.) But it was only a 10W TDP chip so it would barely warm the system up at all (like room temperature is 20C? It might have hit 25C. With the lid shut, maybe 21C with the lid open.). With 46C being measured at the chassis (... and probably not running with the lid shut) this is clearly not the case on the Apple product.
I would be VERY concerned about component life! Your RAM and SSD are after all soldered on, so if you cook them you are screwed. CPUs are usually speced for (at least) 90C max temp, but M.2 SSDs it's typically 70C max (and the SSD makes it's own heat, to the point that newer ones are requiring heat sinks), RAM has a lower max temp like that (and also generates it's own heat). Capacitors and like the electronics to run the backlight it's the cooler the better, running caps at 70C is begging for your motherboard to blow some caps. If they have this set up somehow so the insides are 46C like the hot spots on the case, no problem. But it seems unlikely that a 114C CPU can be right next to some components on the motherboard without them getting well over 70C.