It is mostly (95W tdp) on all K cpus. Look at the similar non-K variants, you will usually see lower rated TDP (yes, it's for default clocks, but also by default even with overclock you can't exceed it unless you change it in the BIOS). And yes, CPU will not reach 95W tdp under boost clocks at stock.
The thing is, under something like, say, cinebench, all cores test, you will not see tdp go over ~60W. Under something like prime95 all core maximum heat, it will go over 90, and when it goes over 95W it will lower clocks (you fix this by going to BIOS and change max TDP from auto to whatever, like 150W, screw it
). But this is only happening in synthetic environments that are meant to stress CPU hard and don't leave any empty cycles. I doubt you will ever see tdp go over ~120ish on high overcloks even, under stability load tests. Meaning, in games 95W tdp will be fine even on 5GHz, provided thermals are in check.
edit: even 9400F in prime95 small ffts goes over 65W and lowers clocks to try and maintain 65W. But in render test, like I mentioned above, cinebench, it floats at around ~45W. Going into BIOS and setting max tdp to 110W solves the "issue" with dropping clocks when it goes over 65W.