You mean Intel Default, surely. Select Normal, then you should be able lower the mode. Otherwise, show a screenshot, maybe i can see what the issue is.
edit: Only now saw your reply before that. Let me respond to that too:
You can set the power limits so that they result in any temperature you are comfortable with (and also noise, in an indirect way). But never go by what Intel have as their official power limit values. Nobody at Intel has any idea what cooler people will use later. So the values they give will not be perfect for anyone. They are only useful for OEMs building PCs for companies etc., where they can hardcode these values in the BIOS (for example with the non-K CPUs) and then use a simple cooler that can deal with that 65W for example.
For you at home, the value will be either too high or too low (or sometimes both, if PL2 and PL1 are too far apart). But never ideal. To get ideal values for yourself, you need to test how i describe in my guide. Then you can have an additional preference of temperature (up to mid-80°C is ok, i would try to stay away from >90°C, and of course, anything lower is ok too), and the noise your cooling makes according to the fan curves.
If you can stay below 90°C, even up to 250W would be ok with an i9 for example, but the efficiency already steadily declines in that region, to the point where i would not allow more than 250W for any CPU. Of course, your 12700KF will never have such a high power consumption natively. Intel only went completely crazy on 13th/14th gen.
For IccMax aka "CPU Current Limit", i would recommend 307A. With a 13th/14th gen i7/i9, you can sometimes allow a bit more in case it's stepping in too early there, but never more than 400A (which is one Intel recommendation that i think is good).