A lot of the TDP is reserved for running the shader units at full-power. My RTX 3070 Ti only pulls ~110w of it's 320w running CUDA inference on Gemma 26b and E4B.
My 5090 runs at full TDP(pretty much exactly 575W) when running inference through LM Studio.
It's not that it's reserving power, but rather that you hit some bottleneck on a 3070 Ti before running into thermal limits-- it's likely limited by either tensor core saturation or RAM throughput. Running the workload with Nvidia's profiling tools should make the bottleneck obvious.