When you have special reason to boost it up or in the opposite calm it down, that's the time for you to select Extreme Performance with loud Cooler Boost or Silence mode. Start with the Balanced user scenario as default.

So here is my recommendation as a rule of thumb. Even though our MSI laptops' fancy cooling fans also will run harder to catch it up, if the cooling system fails to cool it down enough for some reason then as a result your actual performance experience (like FPS in game or overall temperature you feel on your fingers) will become worse. But by manually holding its maximum performance always, it inevitably produces more heat than usual. Originally CPU is supposed to make a peak performance by increasing its frequency or temporarily turning on its own patented Turbo Boost when it needs it. The 'high' performance setting in Windows 10 power mode, perhaps the same as or pretty similar to the 'high' preset in Dragon Center User Profile, basically means that it forcibly holds CPU frequency to its maximum all the time.

I want to tell you that Extreme - or any high performance - mode does NOT ALWAYS guarantee 'higher' performance than normal Balanced mode when gaming or under heavy load. This might hear counter-intuitive, but I believe this is worthy to know.

Msi dragon center gaming mode