TDP is a measure of the amount of power that a cooling solution needs to dissipate in order to maintain a set temperature.
The GN article showed that a 9900k could be rated at 65W TDP if it was locked at its base clock of 3.6GHz, and no turbo.
The same article also shows that it'll run 24/7 at 4.2GHz within a 95W TDP limit.
It's ACT is listed as 4.7GHz, which means that it can maintain that speed for up to a set amount of time. The Intel specs say that this can be set at any number up to 100 seconds, though the GN article saw it capping out at 24 seconds. IIRC, The Stilt mentioned maybe a month ago that 28 seconds was the typical upper limit for an ACT.
What happens during that time is that the cooling solution has enough spare capacity to dissipate more heat, so additional power is drawn until any further ACT would heat the CPU beyond the point that the cooling solution could handle. At this point the CPU drops back to 4.2GHz, which it can maintain indefinitely.
This is why in shorter tasks the 95W limited 9900k still performed close to the unlimited 9900k, also why it falls well behind it for longer tasks; the unlimited 9900k will run at 4.7GHz, and heat your room, whilst the 95W limited 9900k will run at 4.2GHz.
The 11% difference in clock speed is pretty much in line with the performance hits you get by sticking to the 95W limit.
As you can imagine, a 9900k running at 4.2GHz 24/7 is not going to be massively ahead of a 2700x that is also automatically running very close to the same clockspeed. In some cases it falls behind even, though for gaming it still beats the 2700x.
If you want to run your 9900k within its proper TDP, you are effectively limited to just the Asus Maximus XI Hero, with XMP set to On, and the other enhancement Off. All other motherboards, in all of their configurations, will perform outside, and above spec. If you know and understand that, and are prepared to research your build properly, then the 9900k can be a good buy at its price point. However, for maybe 50% of 9900k users it will be doing stuff that they might not expect, and these guys would likely be better off with a 2700x, if only because the 9900k with Asus Maximus XI Hero spec is their expected behaviour, and it's performance at that level cannot justify the price premium.
Caveat emptor.